Gold reaches 17-week high on US data as SPDR holdings expand

London, Feb 26. Gold today traded near a 17-week high as holdings in the biggest exchange-traded product backed by the metal headed for the first monthly gain since December 2012. Gold rose 0.4 per cent to USD 1,345.46 an ounce, the highest level since October 30 and silver by 0.5 per cent to USD 21.97 an ounce. Gold prices are set for the first back-to-back monthly gains since August as concern that the US recovery may be faltering and turmoil in emerging markets increased demand for a store of value. Assets in the SPDR Gold Trust climbed for the third day yesterday in the longest stretch of gains since November 2012. Meanwhile, bullion rallied 11 per cent this year even as the US Federal Reserve scaled back stimulus, rebounding from last year's 28 per cent drop.