Gold exchange traded funds rallied 3% on Tuesday amid speculation the Federal Reserve may unveil additional economic stimulus at its September meeting.

The minutes from the August meeting released Tuesday showed that some Fed officials were in favor stepping in to provide more support for shaky financial markets. Options discussed included another round of Treasury bond purchases and shifting the Fed’s portfolio into longer-term bonds.

Instead, in the statement following the August meeting, the Fed pledged to keep short-term interest rates near zero until at least mid-2013.

Gold has been flying the past year while the dollar has been knocked lower on worries the Fed’s policies are stoking inflation and devaluing the greenback, the world’s reserve currency.

Gold ETFs including SPDR Gold Shares (NYSEArca: GLD), ETFs Physical Swiss Gold Shares (NYSEArca: SGOL) and iShares Gold Trust (NYSEArca: IAU) climbed 3% on Tuesday.

Last week, Fed Chairman Ben Bernanke said officials will take an extra day at the September meeting to consider additional support for the economy. [Stock, Gold ETFs Rally After Bernanke]

Gold prices jumped Tuesday morning after Chicago Fed President Charles Evans said the central bank may need to take additional policy steps to help a faltering economy and jobs market.

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