Gold kicks higher to $1,251.90 an ounce on Comex

Chicago (Jan 18)   Gold futures rose after the president of the Federal Reserve Bank of Minneapolis said policy makers “need to do more” to stimulate the economy.

Gold for February delivery increased 0.9 percent to finish at $1,251.90 an ounce on the Comex division of the New York Mercantile Exchange.

“We’re running the risk of being content with inflation running consistently below our target,” which is “inappropriate,” according to a Financial Times interview with Narayana Kocherlakota, who votes on monetary policy this year.

The Fed decided in December to cut monthly bond purchases to $75 billion from $85 billion, contributing to gold’s first annual drop in 13 years. The central bank next meets Jan. 28-29.

In other metals, March silver rose 1.3 percent to finish at $20.30 an ounce, for a gain of 0.4 percent on the week.

Platinum for April delivery gained 1.6 percent to $1,454.10 an ounce, closing up 1.2 percent for the week.

March palladium edged up 0.6 percent to $748.55 an ounce, up about 0.3 percent from a week ago.

High-grade copper for March delivery inched up less than 0.1 percent to $3.345 a pound, little changed from a week ago