LONDON: Gold hit its highest in five weeks on Thursday as the dollar eased after meeting minutes from the US Federal Reserve suggested policymakers were in no hurry to raise interest rates.

Spot gold rose as much as 1.2 per cent to $1,147.80 an ounce, its highest since July 16, and was up 0.9pc at $1,145.06 as of 1410 GMT.

US gold for December delivery gained 1.5pc to $1,144.90 an ounce.

Spot gold has recovered more than 6pc from a 5-1/2-year low of $1,077 hit in a late July rout, when investors cut their exposure on fears of further price declines.—Reuters

Published in Dawn, August 21st, 2015

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