Gold advanced for a
fourth straight day, the longest rally in almost three months, as a
selloff in equities and a claim that North Korea detonated a hydrogen
bomb boosted demand for a haven asset.
Bullion reached the
highest in mid-November as stock markets around the world retreated. The
atomic-test claims add to investor concerns spurred by Saudi
Arabia-Iran tensions and China’s stock-market rout earlier this week
that had already boosted gold’s appeal as a store of value.
Gold, which fell for a
third straight year in 2015 as U.S. equities rose and the Federal
Reserve signaled interest-rate increases, climbed above its 50-day
moving average on Wednesday for the first time since early November.
Newmont Mining Corp., the biggest U.S. gold producer, defied the
sell-off in equities, rallying 1.4 percent, among the best performances
on the Standard & Poor’s 500 Index.
Gold futures for
February delivery advanced 1.3 percent to settle at $1,091.90 an ounce
at 1:44 p.m. on the Comex in New York, marking the longest winning
streak since Oct. 15.
Prices extended their
gains after the market closed, reaching $1,094.90, the highest since
Nov. 16, after the minutes of the Dec. 15-16 meeting of the Federal
Reserve were released. The minutes showed the decision to raise interest
rates last month was a “close call” for some policy makers who worried
about too-low inflation and received assurances that their colleagues
would closely monitor its progress.
Silver futures were little changed on the Comex in New York, while platinum declined on the New York Mercantile Exchange.
Source : Bloomberg
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