Gold gains as drop to six-week low attracts buyers

London ( commodity news world ), Gold today gained for the first time in four days as investors buy the metal after its drop to the lowest level in almost six weeks.

The gold rose 0.1 per cent to 1,675.88 dollar an ounce, after falling to 1,663.30 dollar yesterday, the lowest since January 25.

Silver was little changed at 32.93 dollar an ounce after sliding to 32.48 yesterday, the lowest price since January 25. It’s still the best-performing precious metal this year with a gain of 18 percent.

Bullion slipped 1.9 per cent yesterday as the dollar strengthened and commodities slid on concern slower growth will cut demand.

The dollar was little changed versus the euro today before tomorrow’s deadline for a Greek bond exchange needed for the nation to receive a second aid package.

Prices are up 7 per cent this year and holdings in bullion-backed exchange-traded products rose 0.4 metric ton to a record 2,406.3 tons yesterday.

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