Gold turned higher and touched a five-month high above $1,300 per ounce on Thursday, after the European Central Bank (ECB) launched a multi-billion euro bond-buying program aimed at reviving a sagging euro zone economy. "Gold is reacting to what Draghi has to say, to the bigger package that was announced and to rebounding inflation expectations in the euro zone," ABN Amro analyst Georgette Boele said.
Spot gold, which had fallen as much as 1 percent to a session low of $1,279.5 in early trade, turned positive after Draghi's announcement, to the highest since August 15 at $1,306.20 an ounce. At 2:54 pm EST (1954 GMT) it was up 0.8 percent at $1,303.50. Among other precious metals, spot silver was up 1.6 percent at $18.40 an ounce. Palladium was up 1.1 percent at $772 an ounce, while platinum rose 0.9 percent to $1,279.50 an ounce.
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