Gold
had the biggest gain in two weeks as plunging global equities and
mounting tensions in the Middle East spurred a return to haven assets.
Emerging
markets equities slid the most since August and the Dow Jones
Industrial Average sank more than 300 points, as slowing Chinese
manufacturing triggered a selloff that halted trading in Shanghai. Saudi
Arabia and some of its allies severed or downgraded ties with Iran in
the biggest meltdown in relations between the two regional powers in
almost three decades.
The
gain in gold followed a third straight year of losses in 2015, as
prospects for rising U.S. interest rates boosted the dollar and made
competing assets that offer a yield more attractive. Shares of bullion
producers rallied on Monday, with Newmont Mining Corp., the biggest U.S.
gold producer, rising to the highest since mid-December.
Gold
futures for February delivery rose 1.4 percent to settle at $1,075.20
an ounce at 1:45 p.m. on the Comex in New York, the biggest advance
since Dec. 21. The precious metal sank 10 percent last year, capping the
longest slump since 1998.
Holdings
in gold exchange-traded products dropped 2.56 metric tons to 1,463.9
tons on Friday, near the lowest in more than six years, according to
data compiled by Bloomberg. The assets shrank 8.3 percent in 2015, a
third year of declines.
Silver
futures for March delivery rose 0.3 percent to $13.841 an ounce on the
Comex. On the New York Mercantile Exchange, palladium and platinum
retreated.
Source: Bloomberg
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