Speculation about the U.S. Federal Reserve continuing economy-spurring monetary stimulus measures prompted gold futures to advance on Thursday while silver futures gained as well, according to Bloomberg.
Canadian, Norwegian and Chilean policy makers are answering the slowdown of economic growth, which is indicated by data from developing nations. A lot of the industrial world is seeing a slowdown in job growth and inflation.
"We do see short-term speculative buying interest ahead and believe the Fed will keep its stimulus measures on the table until 2014," head of currency and metal trading Bernard Sin with bullion refiner MKS SA in Geneva, Switzerland told the news source on Thursday.
At 9:13 a.m. on Thursday, gold futures advanced 0.66 percent, an $8.81 lift to $1,342.28 per troy ounce. Silver futures surged 0.79 percent, an 18-cent gain to $22.73 per troy ounce.
Reuters reports the yellowish metal also benefited from China's release of healthy manufacturing data. The Asian nation is the globe's second-largest consumer of bullion
With two-plus months left in 2013, gold futures is unlikely to prolong its annual streak of gains, which presently stands at 12 years. Bullion's losses thus far this year are roughly 20 percent.
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