The precious metal is heading towards its biggest weekly reading since July after the US central bank decided to leave interest rates unchanged, holding back their prospects for future growth. Investors added 6.3 tons.
Precious metals have awakened from their sleep following the Fed's decision and economic stimulus from central banks in Japan and Europe, stimulating demand for the precious metal as a store of value.
Traders are in buy mode and are looking at adding to a position. Prices are up 2 percent this week, the highest since July 29. Gold futures for December delivery was 2.4 percent higher this week, the largest rise since June 10.
"The Fed's inaction has revived investor appetite for gold," noted Banking Group Ltd. in a note. "The Fed's outlook for rates and a weak US dollar have no doubt played a role, and the Bank of Japan's ongoing efforts to bolster economic stimulus have also helped."
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