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Gold ticks up, heads for 4th week of gains

Singapore, January 27, 2012

Gold was firmer near a 7-week high on Friday, heading for its fourth week of gains as the dollar lost ground after the US Federal Reserve pledged to keep rates near zero for some time.

Spot gold added $1.65 an ounce to $1,721.69 an ounce by 0015 GMT after rising as high as $1,729.76 an ounce on Thursday, its strongest since early December. Gold hit a record around $1,920 last September.

Gold's record-breaking rally of the last decade is set to extend into this year and the next as monetary policy stays loose and central banks build reserves, a Reuters poll showed. – Reuters




Tags: Gold | Singapore | Federal Reserve | gains |

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