ET:Gold gains as investors weigh economic stimulus against dollar
LONDON: Gold swung between gains and drops after three days of declines as investors weighed speculation that central banks will continue stimulus to spur economic growth against a strengthening dollar.
Gold added 0.1 per cent to USD 1,577.77 an ounce. Prices, which slipped 0.3 per cent last week, both gained and declined 0.6 per cent and 0.2 per cent, respectively.
Silver also added 0.5 per cent to USD 28.73 an ounce. It was down 5.3 per cent this year and reached USD 27.96 on March 1, the lowest since August 20.
China's services industry expanded at the slowest pace in five months in February, data showed yesterday, and data released last week showed manufacturing missed estimates.
The dollar was little changed near a six-month high versus six counterparts before data this week forecast to show Europe's economy contracted and as Italy edged closer to a new election.
Bullion rallied the past 12 years as nations from US to China pledged more stimulus to bolster economic growth. The metal is down 5.8 per cent this year and fell for a fifth month in February, the longest run of declines since 1997.
