Gold rises for first time in five days on stimulus

Mar 05, 2013 |

Bloomberg

London

Gold today climbed for the first time in five days on speculation that central banks will maintain stimulus measures. Gold climbed 0.5 per cent to $1,582.40 an ounce after falling 2.5 per cent in the past four days. Silver also advanced 1.1 per cent to $28.97 an ounce.

Federal Reserve vice chairman Janet Yellen said the US central bank should press on with $85 billion monthly bond buying, while Haruhiko Kuroda, the nominee to be Bank of Japan governor, said he would do whatever is needed to end 15 years of deflation.

European Central Bank policy makers meet on March 7, after data last week showed manufacturing in the region contracted and unemployment climbed to a record in February.

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