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Gold Advances as Central Banks Join Investors Adding to Holdings

Gold rose as central banks joined investors in adding to holdings and the euro strengthened against the dollar as regional leaders met today. Palladium rose to a six-week high.

Gold rallied 11 percent this year as investors and central banks bought bullion to diversify assets. Holdings in ETPs backed by bullion rose to a record 2,605.318 metric tons yesterday, data compiled by Bloomberg show. Kazakhstan, Turkey and Russia boosted reserves in October, according to data on the International Monetary Fund’s website, joining Brazil, which raised holdings to the highest in more than 11 years.