Gold Rises to 29-Week High on Stimulus by Central Banks

Gold futures rose to 29-week high on speculation that steps by central banks to bolster economic growth will spur demand for the metal as a store of value.

The Bank of Japan said today that it will add 10 trillion yen ($127 billion) to a fund that buys assets. On Sept. 13, the Federal Reserve announced a third round of U.S. monetary stimulus. This month, European Central Bank President Mario Draghi gave details on a plan to buy debt of member states, while China approved infrastructure spending.