Bloomberg reported that hopes of economic stimulus caused gold futures to rise 0.2 percent, the third advance in four days, to settle at $1,616 an ounce.
As quoted in the report:
Investors expect European Central Bank President Mario Draghi to flesh out a plan to shore up Spanish and Italian bonds. The Bank of Japan (8301) started a two-day policy meeting amid speculation that it may weigh alternative monetary policy, and China’s yuan climbed to a one-week high against the dollar on bets that the government will take steps to revive economic growth.
Matt Zeman, a strategist at Kingsview Financial in Chicago
The notion that there could be some kind of coordinated action by central banks is boosting gold.