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Third week raise for gold

LONDON: Gold rose one per cent on Friday, supported by a softer dollar, and was heading for a third week of gains following a cautious note from the Federal Reserve on interest rates and uncertainty ahead of Britain’s vote on European Union membership.

The metal, often seen as an insurance in times of financial and economic uncertainty, peaked at $1,315.55 on Thursday, its strongest since August 2014. Gold then slid 1pc as financial markets reacted to the suspension of campaigning for June 23’s British referendum after a lawmaker was shot dead. Spot gold rose to $1,292.90 an ounce at 1408 GMT. Bullion has risen 1.4pc so far this week.