Gold recovers from biggest dip in 5 months after Fed rate rise

New York

GOLD rose more than 1 per cent on Friday, recovering from its biggest daily loss in five months as stocks and the dollar retreated, but remained near multi-year lows after the Federal Reserve lifted US interest rates.

The metal has recovered some lost ground after bottoming out on Thursday at US$1,047.25 an ounce, within a couple dollars of a near six-year low reached on Dec 3, after the first US rate hike in nearly a decade.