Follow Kitco News on the Updated  Kcast Gold Live!+ for the iPhone -- Now You Can Watch Kitco Video News Right from Your Phone!

(Kitco News) - Comex gold futures prices are trading sharply higher in late-morning Trading Thursday, and have extended early gains to stretch to a fresh six-week high.
The somewhat surprising news that the European Central Bank reduced its key interest rate provided a lift to most commodity markets, including the precious metals. Rumors and speculation regarding Greece, including rumors that its prime minister may resign, have only added to the European Union sovereign debt turmoil, which has only added to more safe-haven demand for gold. The near-term technical posture of the gold market has also turned more bullish Thursday. December gold last traded up $36.50 an ounce at $1,766.10.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

<<Back to more Kitco exclusive news

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication