Gold
surged above $1,200 an ounce for the first time since June, extending a
rally that’s made the metal the best performing commodity this year, as
a global share rout spurs haven demand.
Bullion
for immediate delivery gained as much as 0.4 percent to $1,193.53, and
traded at $1,191.02 at 8:16 a.m. in Singapore, according to Bloomberg
generic pricing. On Monday, the metal jumped to $1,200.97, the highest
since June 22, as producers’ shares rallied.
Gold
has advanced 12 percent this year on rising concern that the global
economy is losing steam, with global equity markets in retreat and
investors cutting bets on higher U.S. interest rates. Shares in Asia
fell on Tuesday following a drop in U.S. equities that pushed the
Standard & Poor’s 500 Index to a 22-month closing low.
The
global slowdown has increased speculation that U.S. growth will cool
enough to force Federal Reserve policy makers to wait longer before
raising rates again. The prospect of delays has sent the dollar lower
and gave metals a boost as alternative investments. Bullion holdings in
exchange-traded products have climbed for 15 consecutive days, the
longest run since September 2012, according to data compiled by
Bloomberg.
Since
the start of the year, investors added $2.6 billion to U.S.
exchange-traded funds linked to precious metals, according to data
compiled by Bloomberg. That follows a withdrawal of $2.7 billion in
2015, when bullion posted a third annual loss.
Source: Bloomberg
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