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Gold prices headed for the biggest gain in a week as speculation that central banks will maintain stimulus measures, and physical demand climbed. Silver also rose.
Federal Reserve Vice Chairman Janet Yellen yesterday said the U.S. central bank should press on with $85 billion in monthly bond buying, while Haruhiko Kuroda, the nominee to be the Bank of Japan governor, said he would do whatever is needed to end 15 years of deflation. Gold purchases appear widespread across Southeast Asia, Standard Bank Plc said in a report today.
Gold futures for April delivery rose to $1,585.80 an ounce on the Comex in New York, heading for the biggest gain since Feb. 26.