Gold trimmed a second weekly decline, rebounding from the longest slump in 17 years, as investors weighed data for clues on when the Federal Reserve may raise interest rates in the world’s largest economy.
Bullion for immediate delivery climbed as much as 0.7 percent to $1,161.85 an ounce and was at $1,158.81 by 3:03 p.m. in Singapore, according to Bloomberg generic pricing. Prices fell for a ninth day on Thursday to cap the longest losing run since 1998 and are set for a 0.7 percent fall this week. The metal dropped to $1,147.72 on March 11, the lowest since Dec. 1.
Gold erased its 2015 gains last week as better-than-expected U.S. jobs data spurred speculation the Fed will raise rates for the first time since 2006, boosting the dollar. Reports on Thursday showed retail sales unexpectedly dropped last month, while fewer Americans than forecast filed claims for jobless benefits. U.S. central bankers are scheduled to meet next week to assess policy, and may drop their pledge to be “patient” on increasing borrowing costs.