Gold Climbs for Third Straight Session on Stimulus Bets - report

By Midnight Trader,  June 12, 2012, 03:17:44 PM EDT

Gold gained for the third straight session in New York on speculation that policy makers will announce additional stimulus measures to boost growth, increasing demand for bullion as a hedge against inflation, Bloomberg reported.

It noted Federal Reserve Bank of Chicago President Charles Evans said he would support a variety of measures to generate faster job growth, underscoring his preference for more action.

Elsewhere, Finland's Prime Minister Jyrki Katainen said Spain has a "fair chance" to demonstrate its capacity to solve its banking woes after indicating it will require a bailout.

Gold futures for August delivery advanced 1.1% to settle at US$1,613.80 an ounce at 1.57 p.m. on the Comex in New York. Prices gained 0.6% in the previous two sessions.

Bullion surged 70% from the end of December 2008 to June 2011 as the Fed kept borrowing costs at a record low and bought US$2.3 trillion of debt in two rounds of so-called quantitative easing.

Silver futures for July delivery jumped 1.2% to US$28.949 an ounce in New York, gaining for the second straight day.

On the New York Mercantile Exchange, platinum futures for July delivery rose 0.4% to US$1,454.40 an ounce. Palladium futures for September delivery slipped 0.1% to US$624.25 an ounce.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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