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Gold rises as dollar weakens after ECB stands pat on policy

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09/10/2020 | 12:07pm EDT

* ECB keeps policy unchanged

* Dollar slips

* Interactive graphic tracking global spread of coronavirus: open https://tmsnrt.rs/3aIRuz7 in an external browser

Sept 10 (Reuters) - Gold jumped 1% on Thursday, as the dollar weakened after the European Central Bank kept its policy unchanged and U.S. jobless claims held at high levels, dimming hopes of a quick economic recovery from the effects of the coronavirus pandemic.

Spot gold rose 0.5% to $1,956.06 per ounce at 2:01 p.m. EDT (1801 GMT), after hitting its highest level since Sept. 2 at $1,965.93.

U.S. gold futures settled up 0.5% at $1,964.30.

"The ECB didn't really change its policy and so we're seeing the U.S. dollar dropping here. That's positive for gold," said Bart Melek, head of commodity strategies at TD Securities.

The dollar was down 0.1%, making gold cheaper for holders of other currencies, as the euro rose after ECB President Christine Lagarde said it is keeping a close eye on the exchange rate.

U.S. weekly jobless claims hovered at high levels last week, suggesting a slowing labor market recovery.

Melek said the recovery was not happening as quickly as expected, adding that "there are concerns about a second wave of virus, commodity markets like oil are indicating that perhaps growth is slowing down and all monetary policy will be easing."

The U.S. Federal Reserve's next policy meeting is due on Sept. 15-16.

Meanwhile, the U.S. Senate blocked a Republican bill that would have provided around $300 billion in new coronavirus aid, as Democrats are pushing for more funding.

"We are going to get continued economic stimulus (from the Fed and U.S. government), for at least another 6 months to a year, and that should keep gold supported," said Jeffrey Sica, founder of Circle Squared Alternative Investments.

Bullion has risen 29% this year on the back of unparalleled stimulus and near-zero interest rates from the global central banks.

Elsewhere, silver eased 0.2% to $26.98 per ounce, platinum gained 1.6% to $930.80 and palladium rose 1.7% to $2,309.93. (Reporting by Sumita Layek in Bengaluru; Editing by Paul Simao and Tom Brown)

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.95% 1905.6 Delayed Quote.25.01%
LONDON BRENT OIL -3.51% 40.66 Delayed Quote.-38.18%
PALLADIUM 0.22% 2323.5 Delayed Quote.19.80%
SILVER 1.87% 23.7815 Delayed Quote.36.05%
THE PLATINUM GROUP PUBLIC COMPANY LIMITED 0.00% 2.26 End-of-day quote.-44.61%
WTI -3.66% 38.551 Delayed Quote.-34.77%
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