Gold climbed from a five-year low as Federal Reserve Vice Chairman Stanley Fischer said that US policy makers have done their best to prepare international markets for the first interest rate increase since 2006. Bullion for immediate delivery rose as much as 0.4% to $1,086.64 an ounce and was at $1,085.72 in Singapore, according to Bloomberg generic pricing. Prices gained 1.1% on Thursday as the dollar fell. This week, the metal is up 0.2% after dropping on Wednesday to $1,064.55, the lowest since February 2010. Bullion investors are zeroing in on when higher US borrowing costs are likely to start rising as the metal doesn’t pay interest.
