Gold rose toward a two-week high as concern that global growth is slowing stoked bets the U.S. Federal Reserve may push back interest-rate increases, boosting demand for a store of wealth. Silver and platinum advanced.
Gold for immediate delivery climbed as much as 0.8 percent to $1,232.30 an ounce and traded at $1,230.22 by 8:10 a.m. in Singapore, according to Bloomberg generic pricing. Bullion on Oct. 9 advanced to $1,233.43, the highest since Sept. 23, after Fed officials expressed concern the U.S. economy may be at risk from a global slowdown, and maintained a pledge to keep rates near zero for a “considerable time.”
The metal rose 2.7 percent last week in the biggest such gain since the period to June 20, as the Bloomberg Dollar Spot Index snapped a seven-week rally and global equities measured by the MSCI All-Country World Index fell a third week. The International Monetary Fund Oct. 7 cut its 2015 world economic growth forecast.