Gold
futures capped the longest rally in more than six months as
Switzerland™s decision to decouple its currency from the euro roiled
currency markets, boosting demand for the metal as a haven.
The
Swiss National Bank unexpectedly scrapped its three-year policy of
capping the Swiss franc against the euro, one week before European
policy makers meet to discuss new stimulus. The Bloomberg Dollar Spot
Index, which tracks the U.S. currency against 10 major peers, fell for a
second day, fueling demand for bullion as an alternative asset.
Gold
has risen 6.8 percent this year as signs of deflation and cooling
global economic growth spur speculation that the Federal Reserve will be
slow to raise U.S. interest rates. Demand for the metal will rebound in
2015 after two straight annual declines as consumption in Asia advances
and investors return to exchange-traded products backed by bullion,
according to HSBC Securities (USA) Inc.
Gold
futures for February delivery surged 2.5 percent to settle at $1,264.80
an ounce at 1:44 p.m. on the Comex in New York, after touching
$1,267.20, the highest since Sept. 8. Prices gained for a fifth straight
session, the longest rally since June 25.
Source: Bloomberg
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