Bloomberg: Gold Extends Biggest Monthly Gain Since January 2012 Before Fed

Gold rose in London, extending the biggest monthly gain since January 2012, as a three-day drop spurred more buying and investors awaited results of the U.S. Federal Reserve’s policy meeting.

The Bloomberg U.S. Dollar Index, a measure against 10 major currencies, was little changed before the central bank ends a two-day meeting today that may give clues on its outlook for reducing stimulus. Bullion is up 8.1 percent in July, heading for the first monthly increase since March.

Gold dropped 20 percent this year after some investors lost faith in the metal as a store of value and on speculation the Fed may curb its bond-buying program. Fed Chairman Ben S. Bernanke said this month that it’s too early to decide whether to begin curbing purchases in September, after saying on June 19 that buying could slow if the economy improves. Gold’s plunge to a 34-month low on June 28 spurred demand for jewelry and coins.

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