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Gold today gained for the first time in three days on speculation central banks’ actions to bolster growth will spur demand for the metal.

The gold rose 0.3 per cent to USD 1,774.75 an ounce. Prices are 0.2 per cent higher this week after four consecutive weekly gains. Silver also rose 0.5 per cent to USD 34.84 an ounce.

Bullion reached USD 1,779.50 an ounce on September 19, the highest since February 29. The Federal Reserve announced a third round of quantitative easing to boost growth last week and central banks in Europe, China and Japan have pledged more action.

Holdings in gold-backed ETPs rose 4.4 metric tonnes to a record 2,523.7 tonnes yesterday. Assets increased 7.1 per cent this year.

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