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Gold Advances in New York on Purchases by Central Banks

Gold climbed the most in three weeks as the central banks of Russia and Kazakhstan increased bullion reserves last month.

The countries expanded their gold reserves for a fourth straight month in January, data on the International Monetary Fund’s website show. Buying out of China was “impressive” last week and is continuing, Joni Teves, an analyst at UBS AG in London, wrote today in a report.