Gold and silver climbed for a third day on expectations the U.S. will keep stimulus measures to boost the economy after President Barack Obama won re-election for a second term. Silver, platinum and palladium advanced. Spot gold gained as much as 0.6 percent to $1,726.57 an ounce, the highest level since Nov. 1, and was at $1,724.30 at 1 p.m. in Singapore, reversing a 0.6 percent drop. The metal climbed 1.8 percent yesterday, the most since Sept. 13. Silver for immediate delivery jumped as much as 1.3 percent. Bullion advanced 10 percent this year and is set for a 12th annual gain after central banks took steps to stimulate economies hurt by Europe’s debt crisis. The Fed said Oct. 24 it will maintain $40 billion in monthly purchases of mortgage debt and probably hold interest rates near zero until mid-2015. U.S. television networks showed the president winning the electoral votes needed for victory over Republican challenger Mitt Romney. “Investors are probably convinced that an extension of a Democrat in the White House would ensure a continuation of the Fed’s easy monetary policy,� Barnabas Gan, an economist at Oversea-Chinese Banking Corp., said from Singapore. The incoming president will need to address a so-called fiscal cliff of more than $600 billion in tax increases and spending cuts that take effect in January unless Congress can reach a budget compromise. Gold for December delivery rose as much as 0.7 percent to $1,726.50 an ounce on the Comex in New York, before trading at $1,724, erasing a 0.6 percent decline. The contract climbed 1.9 percent yesterday, also the most since Sept. 13. Cash silver added 1 percent to $32.30 an ounce after a 2.6 percent jump yesterday. Spot platinum increased 0.6 percent to $1,563 an ounce and palladium advanced 0.5 percent to $621.75 an ounce. To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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