Gold held near 4-week low on India's bullion plan before Fed

LONDON: Gold today held near a four-week low on concern that India will reduce bullion imports and as US jobs data added to the case for higher interest rates.

Gold lost 0.1 per cent to $1,106.49 an ounce. It reached the lowest since August 11 on Wednesday. Silver, however, rose 0.6 per cent to $14.71 an ounce.

India's government on Wednesday approved a gold monetization plan and sale of sovereign bonds by the Reserve Bank of India.

The country wants to tap metal held by households and temples in a bid to cut its reliance on imports. India vies with China as the world's biggest gold buyer.