Thursday, May 6, 2010

Gold prices edged higher Thursday after the European Central Bank decided to again hold key interest rates steady at 1%.


Metals traders also keyed on what ECB officials would have to say about Greece and the broader problem of sovereign debt in the euro zone during a news conference.

"We also don't expect further announcement on the phasing out of the ECB's emergency measures, as the Greek debt crisis will be tying the central bank's hand at the moment," said analysts at Action Economics.

Gold futures for June delivery traded up $5.30 to $1,180.30 an ounce on the Comex division of the New York Mercantile Exchange.

On Wednesday, June gold finished $5.80 an ounce higher, good for a 0.5% advance.

Kate Gibson is a reporter for MarketWatch, based in New York.

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