Gold Climbs to 4-Week High as Weaker Dollar Spurs Demand
This article is for subscribers only.
Gold rose to a four-week high on speculation that the Federal Reserve will take further steps to stimulate growth and as the European Central Bank said it will extend its offerings of three-month unlimited cash into 2013.
ECB’s President Mario Draghi said officials are ready to act as Europe’s growth outlook worsened. Atlanta Fed President Dennis Lockhart said that extending the U.S. central bank’s Operation Twist program is an “option on the table.” The strategy to replace $400 billion of shorter-dated maturities with longer-term debt to contain borrowing costs was scheduled to end this month.