Gold Trades Near One-Month High as BOJ Announces Stimulus

Gold futures rose in New York after the Bank of Japan announced stimulus measures, increasing demand for the precious metal as a store of value.

The central bank said today it will buy about 13 trillion yen ($146 billion) in assets per month from January 2014 and set a 2 percent inflation target. Bullion gained 7 percent last year as stimulus programs in the U.S., Europe and Japan enhanced the appeal of the precious metal as an alternative to currencies.