Gold held above a two-week low as investors assessed the health of the U.S. economy before the Federal Reserve concludes a policy meeting. Russia joined Turkey in adding bullion to reserves as assets in the largest exchange-traded product sank to the lowest in six years.
Bullion for immediate delivery rose and fell at least 0.2 percent, and traded at $1,230.01 an ounce by 12:16 p.m. in Singapore from $1,228.52 yesterday, according to Bloomberg generic pricing. The metal dropped to $1,222.62 yesterday, the lowest price since Oct. 15, before rebounding as U.S. data showed durable goods orders unexpectedly declined, sending the Bloomberg Dollar Spot Index to a one-week low.
Fed officials are weighing the timing of rate increases, with traders cutting bets that the central bank will raise borrowing costs by October 2015 to a 50 percent chance from 79 percent on Sept. 30. The Fed said in September it planned to end asset purchases this month if the economy keeps improving and has held its key rate at zero to 0.25 percent since 2008.
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