CHICAGO, May 7 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher for the fourth straight session on Thursday as the European Central Bank (ECB) cut its benchmark rate to a record low, sparking inflation concerns. Silver and platinum gained, too.
Gold price for June delivery climbed 4.50 U.S. dollars, or 0.5 percent, to settle at 915.50 dollars an ounce. Earlier in the session it touched 926.50 dollars, the highest level in five weeks.
The ECB announced to cut its interest rate 0.25 point to a record low level of 1 percent on Thursday. It also suggested to take more measures to push money into the euro zone's financial system and support its economy, including increasing maturities on central bank credit to private banks and purchasing euro denominated covered bonds.
The Bank of England also intends to step up efforts to increase the money supply to shore up the economy although its interest rates left unchanged at 0.5 percent.
The ECB's rate cut raised the worries that the global economy may see inflation in the near future, and gold's appeal was strengthened as investors hope to buy the precious metal as an alternative of safe-haven.
As dollar rebounded in the morning, gold retreated from its 5-week peak of 926.50 dollars. By the end of gold floor trading time, dollar rate against euro rose about 1 cent, or 0.7 percent, to 1.3357 dollars, putting much pressure on the precious metal.
July silver finished at 14.03 dollars per ounce, up 32 cents. July platinum rose 14.20 dollars to 1157.30 dollars an ounce.
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