SINGAPORE (Reuters) - Gold extended gains into a second session on Thursday, as Asian stock markets fell sharply and the U.S dollar dropped to a 10-week low on persistent uncertainty over the Federal Reserve's massive stimulus programme.
Investors were still weighing the Bank of Japan's decision on Tuesday to leave its policies unchanged and Standard & Poor's Monday upgrade of the U.S. credit outlook, viewing the moves as a sign of economic recovery and a trigger for the Fed to end its $85-billion monthly bond purchases.
"The sentiment is still very divided over whether the Fed will taper or not," said Joyce Liu, an investment analyst at Phillip Futures in Singapore.
"Due to the lack of major market-moving events, people are just trading on technicals until some senior Fed officials say something before the FOMC meeting next week," she said, referring to the Federal Open Market Committee.
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