Gold futures Update on 05- Aug'2016

Gold futures finished moderately higher Thursday after the Bank of England announced a rate cut for the first time since 2009 and unveiled a batch of stimulus measures aimed at stimulating the country’s economy in the wake of the June 23 vote to exit the European Union.

December gold GCZ6, +0.17%   rose $2.70, or 0.2%, to settle at $1,367.40 an ounce.

The BOE cut its key lending rate by a quarter of a percentage point to 0.25% and unfurled a mix of measures, including reviving its bond-buying program. Although the rate cut was expected, the additional stimulus measures surprised the market, and providing a jolt to haven assets.

This, coupled with easing measures from the Bank of Japan earlier in the week, are being viewed as supportive to the long-term outlook for gold prices.

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