Gold Futures Gain Most in Three Weeks on Europe Stimulus Outlook
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Gold gained the most in more than three weeks on speculation that European leaders may take further steps to tame the debt crisis.
European Central Bank council member Ewald Nowotny said today there were arguments in favor of giving the region’s rescue fund a banking license. The move would give the permanent bailout fund, the European Stability Mechanism, access to ECB lending, increasing cash available for aid. Gold has dropped 7.3 percent since Jan. 31, partly as Europe’s escalating crisis damped global growth prospects and inflation expectations.