World Economy

Gold Sees Worse Run in 11 Years

Gold Sees Worse Run in 11 YearsGold Sees Worse Run in 11 Years

Gold held a weekly decline marking its worst run in 11 years before a US payrolls report that will guide the Federal Reserve in determining when to raise interest rates. Bullion for immediate delivery was at $1,089.30 an ounce by 10:58 a.m. in Singapore from $1,089.55 on Thursday, when prices gained 0.4%, according to Bloomberg generic pricing. The metal is 0.6% lower this week and is headed for a seventh weekly drop in the worst slump since 2004. Gold tumbled to a five-year low on July 24 on speculation that improving US growth will lead policy makers to raise rates as early as September, curbing bullion’s appeal because it doesn’t pay interest.