Markets

Gold Extends Longest Streak Since 1920 on Central-Bank Stimulus: Report

Gold rose, heading for a 12th straight annual gain, on renewed concern that central banks from Europe to China will take steps to spur economic growth while U.S. lawmakers near a budget deadline, Bloomberg reported.

Gold futures for February delivery gained 0.4% to $1,662.20 on the Comex in New York, where floor trading will be closed tomorrow for New Year's Day.

Prices before today slumped for five straight weeks as the deadline for the so-called fiscal cliff of automatic tax increases and spending cuts due to take effect tomorrow loomed with no accord in sight among lawmakers.

The metal averaged a record $1,668.70 this year even as it slid 6.3% since September, set for the biggest quarterly drop since 2004. The run of annual gains is the longest since at least 1920.

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

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