Gold rose Monday, capping the longest annual gain since at least 1920, on renewed concern that central banks from Europe to China will take steps to spur economic growth and as U.S. leaders near a budget deal.

Gold futures for February delivery gained 1.2 percent to settle at $1,675.80 at 1:41 p.m. on the Comex in New York, while prices for immediate delivery jumped as much as 1.5 percent. Through Dec. 28, the metal had slumped for five straight weeks as the deadline for the so-called fiscal cliff of automatic tax increases and spending cuts due to take effect Tuesday loomed.

Gold will probably peak in 2013 because of improving U.S. growth, even as the Fed expands stimulus, Goldman Sachs Group said Dec. 5. Morgan Stanley said a day later bullion will be among next year’s best-performing commodities.

“All that money printing across the globe put a bid under gold,” said Matt Zeman, a strategist at Kingsview Financial in Chicago.

The metal averaged a record $1,670.71 this year in New York even as it slid 6 percent since September, the biggest quarterly drop since 2004. The run of annual gains in the immediate delivery market is the longest since at least 1920. The Standard & Poor’s GSCI gauge of 24 commodities gained 0.3 percent this year, while the MSCI All-Country World Index of equities climbed 13 percent. Treasuries returned 2.3 percent, a Bank of America Corp. index shows.

This year, bullion gained 7 percent on the Comex, where floor trading will be closed Tuesday for New Year’s Day. Platinum futures rallied 9.8 percent this year in New York and palladium gained 7.2 percent as labor unrest in South Africa helped curb supply. Silver increased 8.3 percent.

The International Monetary Fund expects 3.6 percent global economic growth in 2013, up from 3.3 percent this year.