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Gold Reaches Two-Week High on Bets Fed Will Maintain Stimulus

Gold climbed to a two-week high on speculation that the Federal Reserve will maintain bond purchases to bolster the U.S. economy, boosting demand for the precious metal as a store of value. Silver also rose.

U.S. gross domestic product expanded at a 2.4 percent annualized rate in the first quarter, the Commerce Department said today. The median forecast in a Bloomberg survey called for no revision from the 2.5 percent pace initially reported. Initial jobless claims rose 10,000 to 354,000, above the 340,000 forecast. The dollar slumped the most in more than a month against a basket of currencies