Gold climbs to three-month high

Spot gold has added $52 this week, leaping from $1,618/oz on Monday to finish the week at $1,670 and hit a three-month high.

Gold majors also climbed this week. Goldcrop (TSE:G) gained 5.23% to $40.07, and Barrick Gold (TSE:ABX) added 5.17% to $37.44.

Gold was buoyed by US Federal Reserve announcement that there may be more monetary easing due to economic weakness in America.

The World Gold Council announced that consumption of gold has been declining, but central banks are buying more bullion. Also, billionaire hedge fund investors George Soros and John Paulson have also made big gold moves.

There are even reports that a return to the gold standard will be become the Republican party's platform.

Spot gold price

Spot gold chart from InfoMine