MCX Gold Prices Set to advance on Stimulus Hopes

Gold prices are set to advance after a set of losses and is headed for the best quarter since 2010 as speculations galore on various stimulus measures by different governments, Bloomberg said in a report.

Japanese deflation is the steepest in 16 months and industrial output dipped more than the forecasts provided by economists. China has seen declines in profits of its industrial enterprises.

The US second quarter final GDP is stuck at 1.3% compared to 1.7% previous data. Meanwhile, August durable goods orders dipped 13.2% compared to 5.0% expected.

China has already approved of a massive infrastructure spending initiative even as Japan has injected many a billion of yen into its economy. The Federal Reserve has announced a third round of Quantitative Easing. ECB, meanwhile has initiated an unlimited bond-buying program, although with conditions.

Spot gold prices were at $1,779.10 an ounce at 9:58 a.m. in Singapore. The prices may rise 0.3 percent this week, Bloomberg said. The metal is up 11% for the quarter. It has advanced 14% to date this year. Via

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