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Gold Prices Gain Ahead of ECB Meeting

NEW YORK ( TheStreet) -- Gold prices were climbing on Monday as traders anticipated a policy-making meeting this week of the European Central Bank.

COMEX Gold for June delivery was rising $13.20 to $1,466.80 an ounce. The gold price traded as high as 1,478.30 and as low as $1,461.6 an ounce, while the spot price was up $1.40, according to Kitco's gold index.

"Although Germany is expected to resist dropping key rates from its current 0.75% level, so, the grinding slowdown in the other EU member economies may win the day," Peter Hug, global trading director at Kitco Metals, said in a note. "On its face, added liquidity should be price supportive for the metal."

Silver prices for July delivery were gaining 35 cents to $24.14 an ounce, while the U.S. dollar index was sliding 0.34% to $82.19.

Among gold mining stocks Barrick Gold (GG) was gaining 1.9%. Gold ETF SPDR Gold Trust (GLD) was rising 0.49, while iShares Gold Trust (IAU) was up 0.44%.

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