Gold Set for Best Weekly Run Since March on Outlook for Stimulus
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Gold headed for the longest weekly rally since March as U.S. economic data backed the case for sustained monetary stimulus. Russia and Kazakhstan added bullion to reserves for a ninth month in June.
Spot gold gained as much as 0.6 percent to $1,341.20 an ounce, and traded at $1,334.15 at 3:17 p.m. in Singapore. Prices are 2.9 percent higher this week after advancing to a one-month high of $1,348.65 on July 24. Volumes for Shanghai’s benchmark spot bullion contract climbed to a one-week high of 14,618 kilograms yesterday.