London - Emerging-market stocks rose for a third day as a surge in gold amid speculation the Federal Reserve will postpone slowing stimulus drove producers higher.
Brazil’s real climbed to the highest level in four months.
The MSCI Emerging Markets Index added 0.3 percent to 1,034.41 at 10:10 a.m. in New York, a five-month high.
AngloGold Ashanti Ltd. and DRDGold Ltd. advanced at least 3 percent in Johannesburg, while the Philippine Stock Exchange Index led gains among 94 world equity benchmarks tracked by Bloomberg.
Russia’s Micex Index slumped 1.2 percent as oil companies plunged.
The real climbed 1 percent on signs the Brazilian central bank will raise its target rate next month.
Gold surged and the US dollar tumbled on bets disruption from the debt-ceiling debate will hamper economic growth and prompt the central bank to postpone tapering its currency- debasing stimulus program.
President Barack Obama signed into law the measure to fund the American government through January 15, 2014, and extend US borrowing authority until February 7, setting up another round of confrontations.
Nine out of 10 groups in the MSCI Emerging Markets Index gained, led by commodity shares.
The benchmark gauge for developing nations has slid 2 percent this year to trade at 10.8 times projected earnings, compared with the valuation of 14 for the MSCI World Index, data compiled by Bloomberg showed.
The iShares MSCI Emerging Markets Index exchange-traded fund advanced 0.1 percent to $43.03.
The Chicago Board Options Exchange Emerging Markets ETF Volatility Index, a measure of options prices on the fund and expectations of price swings, declined 2.3 percent to 22.63.
The premium investors demand to own emerging-market debt over US Treasuries rose two basis points, or 0.02 percentage point, to 319 basis points, according to JPMorgan Chase & Co. - Bloomberg News