Gold price trims biggest weekly gain since January amid India's buying
London (May 15) Gold trimmed the biggest weekly gain in four months as investors assessed when the Federal Reserve will start raising US interest rates, while buyers in India stepped up purchases.
Gold slipped 0.4 per cent to $1,216.63 an ounce. The metal rose to $1,227.26 on Thursday, the highest since February 17, and is set to gain 2.4 per cent this week, the most since the period to January 16.
Silver fell 0.7 per cent to $17.33 an ounce, trimming this week's surge to 5.3 per cent, still the most since the period to March 20.
Meanwhile, gold imports by India, the world's second-largest consumer, exceeded 100 metric tonnes for the second month in April as easing of state curbs boosted demand for everything from necklaces to bangles and rings.