Gold rallied as crude
plunged, spurring a selloff in riskier assets from commodities to
equities and boosting demand for a haven.
Bullion for immediate
delivery climbed as much as 0.5 percent to $1,239.56 an ounce and traded
at $1,237.16 at 9:20 a.m. in Singapore, according to Bloomberg generic
pricing. Prices rose 0.5 percent on Friday, paring a weekly drop, after
U.S. reports showed manufacturing output unexpectedly declined and
consumer confidence fell, reviving demand for gold.
The metal has risen 17
percent this year amid financial-market tumult and concerns over the
outlook for global economic growth at the start of the year. Crude
tumbled by the most in two months, while Asian equities slumped from a
four-month high, after talks on Sunday between the world’s oil biggest
producers ended without any agreement on limiting supplies.
Source: Bloomberg
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