NEW YORK, LONDON,Reuters (7/11) -- Gold rose on Wednesday,halting its longest losing streak in nearly six months, boosted by a dollar drop and expectations that the U.S. Federal Reserve will extend its monetary stimulus.Trading volume continued to be weaker than usual, a sign that the record-high equities market has weighed down on bullion investor interest. The S&P 500 equities index was up 0.3 percent.
Earlier this week, one senior Federal Reserve official said the U.S. central bank should scale back its asset purchases only when the economy shows clearer signs of improvement and even
then it should act slowly, while two others stressed there is no need to rush.
However, Friday's strong U.S. manufacturing activity report left some market watchers to speculate that the Fed could taper its bond-buying stimulus before year-end.
Spot gold was up 0.5 percent at $1,317.24 an ounce by 1:53 p.m. EST (1853 GMT). The metal had dropped 3 percent over the past seven sessions, which matched the longest losing streak
set in early May.
U.S. Comex gold futures for December settled up $9.70 at $1,317.80 an ounce, with trading volume on track to finish about 50 percent below its 250-day average, preliminary Reuters data showed.
Futures turnover has been low over the past few sessions, and investors are expected to remain cautious ahead of U.S. non-farm payrolls data on Friday, which could give more clues on the state of the economy and the future of the Fed's stimulus.
The dollar fell against the euro on stronger-than-expected German economic data and as investors waited to find out what steps the European Central Bank (ECB) might signal at its policy meeting on Thursday.
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