Gold Swings as Dollar Declines After Summers Withdraws From Fed
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Gold swung between gains and losses as the dollar fell to the lowest level in a month after Lawrence Summers withdrew his nomination to lead the Federal Reserve and as the central bank meets this week to discuss stimulus.
Bullion for immediate delivery traded at $1,325.14 an ounce by 3:03 p.m. in Singapore from $1,326.39 on Sept. 13. Earlier, the metal advanced as much as 0.8 percent and declined 0.3 percent. Prices dropped 4.7 percent last week, the biggest decline since the period ended June 28. Gold for December delivery rose 1.1 percent to $1,323.10 an ounce on the Comex in New York, rallying from a 5.6 percent loss last week.