TMS: Gold cuts weekly drop as price slump spurs purchases
LONDON: Gold today gained for the first time in five days on speculation investors will step up purchases after the metal's worst week in six.
The gold rose 0.4 per cent to USD 1,594.82 an ounce. Prices are down 1.7 per cent this week, the most since June 22. Silver also gained 0.5 per cent to USD 27.27 an ounce.
Bullion had dipped to USD 1,584.08 an ounce today, the lowest price since July 25, after the European Central Bank failed to deliver immediate measures to stimulate a slowing economy.
The Federal Reserve refrained from boosting monetary stimulus at a two-day meeting that ended on Aug. 1, while indicating a sluggish economy may prompt further steps to boost growth.
Prices reached a five-week high of USD 1,629.35 on July 27 after ECB President Mario Draghi pledged to do whatever it takes to preserve the euro.
