Gold Ends Longest Losing Run Since May, Held Hostage by Yellen
- Metal set for 1st daily gain in six before Jackson Hole speech
- Silver heading for its biggest weekly drop since end of May
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Gold headed for its first daily gain in more than a week as traders wait for a speech by Federal Reserve Chair Janet Yellen that may give clues on the probability of tighter U.S. monetary policy this year.
Bullion for immediate delivery rose 0.3 percent to $1,326.41 an ounce by 12:18 p.m. in London after touching $1,318.18 on Thursday, the lowest level since July 27, according to Bloomberg generic pricing. The metal is heading for its biggest weekly drop in six.