London — Gold prices recovered lost ground to edge higher on Thursday after European Central Bank (ECB) President Mario Draghi said ECB policymakers would discuss potential changes to the bank’s bond-buying scheme in the autumn, lifting the euro to session highs.Draghi said the policymakers were unanimous in choosing not to change their guidance for monetary policy, and not to set a date for discussing changes to its stimulus programme. However, he flagged further discussions later in the year. That was enough to spark a recovery in the euro after early losses, lifting gold prices. Spot gold was up 0.1% at $1,241.10 an ounce at 12.40pm GMT, off an earlier low of $1,234.74. "Draghi’s speech was essentially dovish, emphasising a ‘very substantial degree of accommodation’ and reaffirming the commitment to quantitative easing," Mitsubishi analyst Jonathan Butler said. "The ECB will defer the decision on QE tapering until the autumn – the euro gained ground on this news and the resultin...
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