MADRID (MarketWatch) -- Gold futures pushed higher in European trading hours after the Bank of Japan's governor, Masaaki Shirakawa, said the bank would be upping asset purchases to help fight deflation. Gold for August delivery (CNS:GCQ2) rose $6.70 to $1,595.80 an ounce, after a gain of around $2 in Asia. Ahead of a two-day policy meeting, the BOJ's Shirakawa said the central bank has accumulated ¥54 trillion in asset purchases so far but is aiming for ¥70 trillion. Analysts said it's likely the BOJ was looking at gold purchases, as central banks have been increasing gold purchases amid turbulence in global economies such as that of the euro zone. The price of silver rose 6 cents to $27.50 an ounce.
