Gold Rises to One-Week High on U.S. Stimulus Speculation
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Gold futures rose to a one-week high after Federal Reserve Bank of Chicago President Charles Evans said more signs of strength in the economy are needed to reduce asset purchases.
“I can’t have tremendous confidence in our economic situation,” Evans said today in Oslo. “A lot of developments are still under way. At the moment, the data doesn’t provide us with confidence to make major adjustments” to monetary stimulus, he said. Gold also rose on concern that the U.S. budget deadlock would shut down the government.