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Gold Rallies as Central Banks Expand Reserves

November 18, 2014 at 13:08 by Vladimir Vyun

Gold rallied today, climbing to the highest level in two weeks. The European Central Bank said that it may use unconventional methods, including asset purchases, to spur weak inflation. Economists speculated that gold is among assets the ECB could potentially buy.

Meanwhile, Russia’s central bank has already expanded its gold reserves. Bank of Russia Governor Elvira Nabiullina said today that the bank bought 150 metric tons of the precious metal this year.

Weakness of the US dollar was also helping gold prices. The metal tends to move inversely to the US currency.

December futures for delivery of bullion rallied 1.28 percent to $1,198.60 per troy ounce as of 13:01 GMT on COMEX today.

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