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Gold at three-month high on stimulus hints, dollar
Aug. 21, 2012, 3:30 p.m. EDT

Metal settles at highest level since early May

By Claudia Assis and Sara Sjolin, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures on Tuesday rose to their highest level in more than three months, after China hinted at fresh economic stimulus and investors were more optimistic about the euro zone, which resulted in a weaker dollar.

Reuters

Gold for December delivery (CNS:GCZ2) advanced $19.90, or 1.2%, to $1,642.90 an ounce on the Comex division of the New York Mercantile Exchange.

That was the highest settlement for a most-active gold contract since May 4.

Gold faced some resistance around $1,630 an ounce, “but once it moved past that, it just shot up,” said Howard Wen, a commodities research associate with HSBC.

Gains for the euro as well as for platinum and palladium in the wake of violence at a South African platinum mine also boosted gold, he added.

Investors also digested a report in the Chinese state-run Xinhua news agency’s Economic Information Daily that Beijing is planning fresh stimulus measures for the second half of the year. See: China stocks rise after reported stimulus plans.

The ICE dollar index (NYE:DXY) , which measures the greenback against a basket of six other currencies, fell to 81.888 from 82.475 in late North American trade in the prior session.

Dollar-denominated commodities tend to rise on a weaker dollar, as they get cheaper for holders of other currencies.

The euro rallied Tuesday on growing optimism that Europe’s monetary authorities will take steps to reduce borrowing costs for countries such as Spain and Italy. Read more about currencies.

Gold exchange-traded funds also garnered interest, with the largest ETF backed by gold, SPDR Gold Trust (NAR:GLD) , recently registering its largest one-day inflow since mid November, according to Commerzbank.

The ETF jumped to nearly 1,275 metric tons on Friday, from nearly 1,264 on Thursday. It held steady on Monday, the last day for which statistics are available.

Elsewhere in the metals complex, platinum for October delivery (NYMEX:PLV2) ended up $9.60, or 0.6%, to $1,507.80 an ounce. That was platinum’s highest level since May, and the metal extended gains amid recent violence at a platinum mine in South Africa.

September silver futures (CNS:SIU2) rose 84 cents, or 2.9%, to end at $29.43 an ounce. September copper futures (CNS:HGU2) moved 8 cents higher, or 2.4%, to $3.45 a pound.

Palladium for September delivery (NMN:PAU2) gained $16.50, or 2.7%, to $624.20 an ounce. That was the highest settlement for palladium since mid-June