Gold gained in London as speculation that the U.S. Federal Reserve may signal the need for sustained stimulus countered further outflows from investor holdings.
The Federal Open Market Committee will publish minutes of its latest meeting today and Fed Chairman Ben S. Bernanke testifies in Congress. St. Louis Fed President James Bullard said yesterday that the U.S. central bank should keep buying bonds and New York Fed President William Dudley said it had previously been overly optimistic about growth. Gold fell into a bear market last month on expectations the Fed may scale back quantitative easing and as investment holdings fell.
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