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Gold today rose for the first time in four days, trimming the worst weekly decline in six months, on expectations central banks will continue buying bullion after data showed Brazil boosted its reserves for a third month.
Gold rose 0.2 per cent to $1,650.51 an ounce and silver was little changed at $29.93 an ounce, down 7.2 per cent this week.
Brazilian holdings expanded the most in 12 years, rising 14.7 tonnes in November, data from the International Monetary Fund showed.
The nation’s holdings doubled since August. Central banks have bought 426.5 tonnes of gold so far this year, UBS said.
Bullion is 5.6 per cent higher this year, set for a 12th annual gain.
Gold declined to as low as $1,635.70 yesterday, the lowest price since August 22, after data showed the US economy grew at a 3.1 per cent annual rate last quarter. Bullion is 2.7 per cent lower this week, the most since the period to June 22, set for a fourth weekly drop.
The dollar snapped a five-day decline today after House Republican leaders cancelled a planned vote on Speaker John Boehner’s plan to allow higher tax rates for annual income above $1 million amid stalled budget talks.
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