Gold Remains Above $1300 after ECB Boost

Gold steadied above $1,300 a ton on Friday, near its strongest level in five months after the European Central Bank launched a multi-billion bond-buying program to invigorate the euro zone economy.

The precious metal, a hedge against inflation, jumped on Thursday after the ECB said it would purchase sovereign debt from this March until the end of September 2016.

Spot gold was little changed at $1,300.70 an ounce by 0035 GMT. The precious metal peaked at $1,306.20 on Thursday, its highest since Aug. 15, and was headed for a third straight weekly gain.


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