Gold held near the highest level in seven weeks as investors tried to figure out which way the Federal Reserve will move on interest rates, with Vice Chairman Stanley Fischer adding to the debate by hinting at a rise this year.
Bullion for immediate delivery gained 0.1 percent to $1,157.40 an ounce at 9:30 a.m. in Singapore, according to Bloomberg generic pricing. Prices rose to $1,159.78 in intraday trading on Friday, the highest since Aug. 24, and climbed 1.6 percent over the week.
Gold’s risen for three of the past four weeks, rebounding from a five-year low in July, amid speculation that the Fed may refrain from tightening until next year. Fischer on Sunday said that the U.S. economy may be strong enough to merit an increase by year end, while cautioning that policy makers are monitoring slower job growth and international developments in deciding the timing. Odds of a Fed liftoff in 2015 are below 40 percent, futures data show.