Gold climbed to $1,324.41; USD weaker ahead FOMC

by on July 9, 2014 9:02 am BST

The dollar was little changed near the lowest in four days versus a basket of 10 major currencies before the U.S. Federal Reserve releases minutes of its June 17-18 meeting, when it cut asset purchases for a fifth time.

Three rounds of monetary stimulus from the Fed and better-than-forecast corporate earnings have driven the S&P 500 up more than 190 percent from a low reached in March 2009.

Gold, seen as a haven investment, climbed to $1,324.41. Palladium for immediate delivery rose 0.1 percent, heading for a 13th straight daily increase. The longest winning streak since June 2000 is propelling the metal toward the highest closing price since February 2001.

Gold for immediate delivery added 0.3 percent to $1,323.50 an ounce by 9:35 a.m. in London, according to Bloomberg generic pricing. It reached $1,326.18, the highest since July 3. Gold for August delivery rose 0.6 percent to $1,324.30 on the Comex in New York.