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Gold Advances in New York as Dollar Drop Boosts Demand

Gold advanced for a second straight day as a drop in the dollar and a report that China’s central bank implemented new stimulus measures boosted demand for the metal as an alternative investment.

The People’s Bank of China provided 500 billion yuan ($81.4 billion) of liquidity to the nation’s five biggest banks, Sina.com reported, citing Qiu Guanhua, an analyst at Guotai Junan Securities Co. The dollar fell as much 0.5 percent against a basket of currencies. U.S. Federal Reserve officials meet today and tomorrow as investors assess economic data for cues on the timing of an interest-rate increase.