Gold climbed for a fourth day to the highest level in more than two weeks after Federal Reserve Chairman Ben S. Bernanke backed sustained stimulus for the foreseeable future. Platinum touched a three-week high as silver headed for the best streak since February.
Spot gold advanced as much as 3.1 percent to $1,298.73 an ounce, the highest level since June 24, when it reached an intraday high of $1,301.78. The metal traded at $1,288.55 by 2:40 p.m. in Singapore. A fourth day of gains would be the longest winning streak since the five days through April 22. Silver climbed as much as 4.6 percent to $20.288 an ounce, the highest price since June 20.
Bullion slumped a record 23 percent last quarter as Bernanke said after the Fed’s June 18-19 meeting that the central bank may reduce its $85 billion of monthly asset purchases this year. Minutes of that meeting released yesterday showed many officials wanted to see more signs that employment is improving before backing a trim to bond buying.
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