LONDON: Gold rose back above $1,185 an ounce on Monday, recovering from the previous session’s five-week low, as investors awaited the Federal Reserve’s policy meeting later this week for clues on the timing of a US rate increase.

Spot gold was up 0.7 per cent at $1,187.05 an ounce at 1400 GMT, while US gold futures for June delivery were up $12.40 an ounce at $1,187.40. On Friday, spot prices slipped as low as $1,174.73 an ounce.

Physical gold demand in the major Asian markets was positive after last week’s price fall, dealers said, with Shanghai premiums moving up towards $4 an ounce.

Silver was up 2.6pc in London trade at $16.09 an ounce, while platinum was up 0.4pc to $1,126.50 an ounce and palladium was up 1pc at $778.30 an ounce.

Published in Dawn, April 28th, 2015

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