Gold Rallies to Near $1184

Gold rebounded from the lowest level in five weeks as conflicting U.S. data clouded the outlook for higher rates before Federal Reserve policy makers meet this week.

Bullion for immediate delivery rose as much as 0.4 percent to $1,183.60 an ounce and traded at $1,183.26 at 11:13 a.m. in Singapore, according to Bloomberg generic pricing. Prices fell to $1,175.35 on April 24, the lowest level since March 20. Gold in Shanghai declined to the lowest in five weeks.

The metal is little changed this month after dropping in February and March as investors gauge data for clues on when rate rises may start. The Fed begins a two-day meeting on April 28 after conflicting reports on the housing market and orders for business equipment. Higher rates hurt the allure of the metal, which usually only provides a return if prices rise, spurring investors to favor assets with better yield prospects.

Bloomberg

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