Gold gains for sixth day on European stimulus outlook

LONDON: Gold today rose for a sixth day on speculation European leaders may agree steps to contain the debt crisis.

The gold rose 0.2 per cent to 1,640.35 dollar an ounce. Prices reached 1,641.48 dollar yesterday, the highest since May 7 and a sixth consecutive gain would be the longest run since June 18.

Silver also gained 0.9 per cent to 29.56 dollar an ounce, the highest price since June 7.

Greek Prime Minister Antonis Samaras called for "more time" to carry out policy changes to deal with his nation's debt crisis before receiving Luxembourg Prime Minister Jean- Claude Juncker in Athens today.

Gold- backed exchange-traded product holdings climbed to a record.

Holdings in bullion-backed exchange-traded products gained 5.2 metric tons to a record to 2,437.5 tons. Gold prices are up 4.9 per cent this year after 11 consecutive annual gains.