* Fed sets gold up for biggest weekly gain in three months
* U.S. growth data eyed for impact on dollar
* Silver set for 20 pct rise in Dec, biggest since April
* Platinum eyes largest monthly rise since Feb 2008
(Updates prices, adds comment)
By Jan Harvey
LONDON, Jan 27 (Reuters) – Gold rose on Friday,
heading for its best weekly performance since late October after
the Federal Reserve signalled its ultra-loose monetary policy
would continue, keeping the dollar under pressure and the
opportunity cost of holding bullion low.
Silver and platinum prices were also on course for their
best monthly performances in nine months and nearly four years
respectively in January, tracking gains in gold, stocks and
other commodities.
Spot gold was up 0.5 percent at $1,727.81 an ounce at
1500 GMT and has risen 10 percent this month, recouping
December’s hefty losses. It is up 4.2 percent this week alone,
its biggest one-week gain since the week ending October 30.
The metal surged to a seven-week high just below $1,730 an
ounce on Thursday after the Fed said it planned to keep interest
rates on hold until at least 2014 and signalled it would be
ready to take further measures to stimulate the economy.
Continued…
