Spot gold prices traded steady, retaining their 1.7 per cent gain in
the previous session, as joint action by the world's major central banks
to boost dollar liquidity spurred rallies in commodities and equities.
Spot gold edged up 0.1 per cent to $US1748.46 an ounce,
after finishing November with a 1.9-per cent rise, the seventh month of
gain so far this year.
The US Federal Reserve, the European Central Bank and the
central banks of Japan, Britain, Canada and Switzerland joined force to
provide cheap dollar funding to European banks facing a credit crunch.
US gold also inched up 0.1 per cent to $US1748, building on a rally of nearly 2 per cent on Wednesday.
China's central bank cut reserve requirements for
commercial lenders on Wednesday for the first time in three years, seen
as a policy shift to ease credit strains and shore up an economy running
at its weakest pace since 2009.
Platinum group metals also moved higher, encouraged by
rallies in prices of industrial metals. Spot palladium gained 1.5 per
cent to $US615.25, but eased from a two-week high of $US622.50 hit in
the previous session.
Spot platinum rose nearly 1 per cent to $US1567.50.
Reuters
