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By Bloomberg

Gold little changed in Asia, nearing Friday’s six-week high, supported by prospects for increased physical demand amid the broader plunge in commodities to a 16- year low.

Bullion for immediate delivery gained 0.1 percent to $1,156.01 an ounce at 9:28 a.m. in Singapore, according to Bloomberg generic pricing, after declining 0.5 percent on Monday. Yesterday’s drop compared with the 5.5 percent slump in crude oil as currency devaluations from China to Kazakhstan and a global equity sell-off boosted demand for haven assets.

Returns on gold in the past five days were the highest on the Bloomberg Commodity Index of 22 raw materials, which sank Monday to the lowest level since 1999 on concern of slowing growth in China. Demand for bullion should be supported by physical buying in India, the largest consumer of gold after China, according to Jonathan Barratt, the chief investment officer at Ayers Alliance Securities.

“Gold is looking to be rediscovered,” Barratt said in an interview on Bloomberg Television. “The prices are being quite stable, so I’d expect to see a lift pretty soon for gold.”

Bullion rebounded about 7 percent from a five-year low in July and capped a 4.1 percent weekly advance on Friday, when prices rose as high as $1,168.39, the strongest level since July 7.

Gold futures for December delivery were little changed at $1,155.30 an ounce on the Comex after retreating 0.5 percent on Monday.

Silver for immediate delivery climbed 1 percent to $14.9123 an ounce after plunging 3.6 percent on Aug. 24. Palladium retreated as much as 2.8 percent to $568.72 an ounce, the lowest since July 2012. Platinum rose 0.2 percent to $993.54 an ounce.