Gold Extends Gains Toward Highest in Month on Japan Stimulus

22/01/2013 08:08 AST

Gold extended its advance toward a one-month high after the Bank of Japan set a 2 percent inflation target and shifted to Federal Reserve-style open-ended asset purchases in an attempt to end two decades of deflation.

Spot gold increased as much as 0.2 percent to $1,693.30 an ounce and traded at $1,692.60 at 12:08 p.m. in Singapore. Bullion reached a one-month high of $1,696.29 on Jan. 17 on concern global growth may slow. Gold for February delivery gained 0.3 percent to $1,691.90 on the Comex in New York.

Cash gold climbed 0.3 percent yesterday even after India, the biggest bullion importer in 2011, raised import duties on the metal to 6 percent immediately from 4 percent. Physical purchases will probably slow significantly after being very strong early this year, said Nick Trevethan, senior commodities strategist at Australia & New Zealand Banking Group Ltd.

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