Gold Rises for 3rd Day—Longest Win Streak Since August

Monday, 10 Dec 2012 03:26 PM

 

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Gold futures rose for a third day Monday, the longest rally in more than three months, amid speculation that the Federal Reserve will announce more bond purchases to spur the U.S. economy.

Policy makers meeting Tuesday and Wednesday are considering whether to step up record stimulus as the Fed’s so-called Operation Twist program of swapping short-term Treasuries for long-term debt expires this month. Gold hasn’t risen for three straight sessions since Aug. 27.

“A lot of people are looking at the next Fed meeting, and the talk is that they’ll announce that they’re going to increase their bond-purchase program,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said in a telephone interview.

Gold futures for February delivery rose 0.5 percent to settle at $1,714.40 an ounce at 1:35 p.m. on the Comex in New York.

The price has advanced 9.4 percent this year, heading for the 12th consecutive annual gain, after central banks from the U.S. to China pledged to bolster their economies.

Holdings in exchange-traded products backed by the metal gained 1.9 metric tons to a record 2,629.2 tons on Dec. 7, data compiled by Bloomberg show.

Silver futures for March delivery rose 0.7 percent to $33.377 an ounce on the Comex.

On the New York Mercantile Exchange, platinum futures for January delivery gained 1 percent to $1,623.30 an ounce, capping a fourth straight gain.

Palladium futures for March delivery climbed 1 percent to $704.75 an ounce. Last week, the price rose 1.4 percent, the sixth straight increase and the longest rally since November 2010.

© Copyright 2014 Bloomberg News. All rights reserved.

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