Gold extended gains on Wednesday to hit its highest level in two weeks after President Barack Obama was re-elected in the United States, paving the way for continued monetary stimulus in the world's largest economy. Gold reversed early losses to hit around $1,729 an ounce, its strongest since October 23. It stood at $1,729.18 by 0738 GMT, up $13.84, but was still well below a lifetime high around $1,920 struck in September last year. US gold for December rose $14.00 to $1,729.00 an ounce.