Gold climbed to a five-week high in New York on speculation central banks around the world will do more to spur growth. Economists expect data today to show the U.S. economy expanded at the slowest pace in a year, increasing speculation the Federal Reserve will engage in a third round of quantitative easing. The dollar fell against the euro after European Central Bank President Mario Draghi said policy makers will do whatever is needed to save the single currency. “The weaker dollar, Draghi’s pledge to act and hopes that next week’s Fed meeting could swing more toward stimulus are keeping prices well supported,� Mark Pervan and Natalie Robertson, analysts at Australia & New Zealand Banking Group Ltd., wrote in a report today. “Unless we start to see more action from Europe especially, the market can only go so far fueled by rhetoric and we risk some backsliding.� Gold for December delivery rose as much as 0.8 percent to $1,632.70 an ounce, the highest since June 19, and was at $1,630 by 7:54 a.m. on the Comex in New York. Prices are up 3 percent this week, the most since June 1. Bullion for immediate delivery was 0.7 percent higher at $1,626.50 in London. U.S. gross domestic product probably expanded at a 1.4 percent annual rate in the second quarter after a 1.9 percent gain in the prior three months, according to the median forecast of economists surveyed by Bloomberg News ahead of today’s data. Fed Chairman Ben S. Bernanke said last week policy makers are “looking for ways to address the weakness in the economy should more action be needed to promote a sustained recovery in the labor market.� Draghi’s vow yesterday prompted speculation officials may be preparing new measures to fight Europe’s debt crisis as potential bailouts threaten to overwhelm rescue funds. Silver for September delivery rose 0.8 percent to $27.665 an ounce. Palladium for September delivery gained 1 percent to $575.60 an ounce. Platinum for October delivery was up 0.8 percent at $1,416.90 an ounce. Gold’s premium to platinum settled at almost 15 percent in London yesterday, the most since January, according to data compiled by Bloomberg. To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net

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