Gold Climbs as Central Bank Purchases Counter Investor Outflows

Gold rose, extending gains after the best week in a month, as buying by central banks and signs of increased physical demand countered continued outflows in investor holdings. Silver, platinum and palladium advanced.

Russia and Kazakhstan expanded gold reserves for the seventh straight month in April, when prices tumbled into a bear market, International Monetary Fund data show. The volume for the Shanghai Gold Exchange’s benchmark cash contract jumped to a three-week high on May 24, while assets in gold-backed exchange-traded products dropped for a 15th week last week.