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Gold rose for a second straight session on concern that Europe’s leaders won’t do enough to stem the region’s debt crisis, boosting demand for the metal as a haven investment.
Policy makers ruled out tapping the European Central Bank’s balance sheet to boost the region’s rescue fund and outlined plans to aid banks. Gold also rose on concern that U.S. monetary policy aimed at shoring up growth will spur inflation. Federal Reserve Vice Chairman Janet Yellen said on Oct. 21 that a third round of large-scale securities purchases may become warranted to boost the U.S. economy.
Gold futures for December delivery gained to $1,656.50 an ounce on the Comex in New York. On Oct. 21, the precious metal jumped 1.4 percent.
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