Gold is getting another boost, this time from Japan Prime Minister Shinzo Abe.

Prices are headed for the longest rally in more than six weeks after Japan’s cabinet Tuesday approved a spending-and-lending package, including 4.6 trillion yen in outlays this year. The dollar also weakened, boosting the appeal of the metal as an alternative investment.

Bullion futures have rallied 29 percent this year amid mounting speculation that central banks including the Federal Reserve will be slow to raise interest rates. Investors chased better returns in precious metals as monetary policies from Japan to Europe push yields on about $9 trillion of sovereign bonds in developed markets below zero.

“The ongoing stimulus from central banks around the world is boosting gold,” David Meger, director of metals trading at High Ridge Futures in Chicago, said in a telephone interview. “There’s also general support from the relative weakness in the dollar.”

Gold futures for December delivery gained 1 percent to settle at $1,372.60 an ounce at 1:53 p.m. on the Comex in New York, a sixth straight advance in the longest run since June 16.

Longer Uptrend

Producers are positive on prices. Fresnillo Plc, the biggest primary silver producer, says gains for precious metals will be sustained, while Australian gold miner Northern Star Resources Ltd.’s Bill Beament sees a longer-term uptrend.

A Bloomberg Intelligence gauge of 14 senior global gold producers advanced 2.9 percent to the highest since 2013. Kinross Gold Corp. and Barrick Gold Corp. were among the biggest gainers.

“We were expecting something from Japan, and these things all contribute to a more supportive environment for gold,” Dan Smith, a commodities analyst at Oxford Economics Ltd. in London, said by phone.

Holdings in exchange-traded funds backed by gold added 8.4 metric tons to 2,016.1 tons on Monday, data compiled by Bloomberg show. That’s the highest since July 2013.