Gold little changed in New York, may climb for a fourth straight session, on speculation that the Federal Reserve and the European Central Bank will take further steps to spur growth.
The Fed starts a two-day meeting tomorrow and the ECB announces its next policy decision on Aug. 2. The Bank of England’s Monetary Policy Committee also convenes this week. Prices surged 70 percent from the end of December 2008 to June 2011 as the U.S. central bank kept borrowing costs at a record low and bought $2.3 trillion of debt in two rounds of so-called quantitative easing.
“Some people are expecting new stimulus measures from the Fed and the ECB this week,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview.
Gold futures for December delivery rose less than 0.1 percent to $1,623 an ounce at 10:50 a.m. on the Comex in New York. Four sessions of gains would mark the longest rally since June 15.
Bullion jumped 2.5 percent last week after ECB President Mario Draghi pledged to do whatever it takes to preserve the euro.
Silver futures for September delivery jumped 1.8 percent to $27.99 an ounce.
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