Gold held near the highest level in five months and headed for its third straight weekly gain after the European Central Bank expanded stimulus measures and Russia added to its reserves for the ninth month.
Bullion for immediate delivery traded at $1,299.92 an ounce by 10:02 a.m. in Singapore from $1,302.25 on Thursday, Bloomberg generic pricing shows. Prices touched $1,307.62 on Jan. 22, the highest since Aug. 15., and have risen 1.5 percent this week.
Gold jumped 9.7 percent this year as stagnating economies challenged policy makers to find new ways to buoy growth. ECB President Mario Draghi pledged to buy 60 billion euros every month through September next year in a push to put more cash in circulation and revive inflation. Russia’s reserves, the world’s fifth biggest, rose to about 38.8 million ounces by Jan. 1 from 38.2 million ounces a month earlier, the central bank said.