Gold extended its biggest weekly jump since 2011 and other precious metals rallied on prospects the U.S. will maintain monetary stimulus. The Australian dollar gained and Asian stocks fluctuated ahead of data economists project will show China’s economy slowed in the second quarter.
Gold climbed 0.5 percent to $1,291.55 an ounce by 9:59 a.m. in Tokyo, as palladium headed for a one-month high. The so-called Aussie strengthened 0.2 percent after sliding to the weakest level since August 2010 July 12. The MSCI Asia Pacific Index was little changed, with Japanese markets closed for a holiday. Futures on the Standard & Poor’s 500 Index added 0.1 percent after the gauge increased to a record July 12. Crude dropped 0.3 percent. Malaysia’s ringgit declined.
Federal Reserve Chairman Ben S. Bernanke said last week that the U.S. would need very accommodative monetary policy for the foreseeable future, bolstering gold’s allure as a store of value. China’s economy, the world’s second-largest, expanded 7.5 percent in the three months to June 30, according to the median of 45 estimates before data due today, after growth slowed to 7.7 percent in the first quarter. Finance Minister Lou Jiwei said July 12 that growth in 2013 may be below target, comments later corrected by the official Xinhua News Agency.
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