Gold for immediate
delivery rebounded, heading for the longest rally in more than four
years, as reeling equity markets and a declining dollar boosted demand
for the metal as an alternative asset.
U.S. stocks declined,
with the Standard & Poor’s 500 Index near the lowest since April
2014, as energy shares extended losses. The dollar fell for a second
straight day against a basket of 10 currencies. Bullion, which topped
$1,200 an ounce on Monday for the first time since June, was down as
much as 0.3 percent earlier after Goldman Sachs Group Inc. predicted
recent gains won’t last.
Gold has climbed 12
percent in 2016 in its best start since 1980, as mounting concerns over
global economic growth boost demand for haven assets and spur
speculation that the Federal Reserve will hold off on raising U.S.
interest rates this year. Fed Chair Janet Yellen is scheduled to appear
before the U.S. House Financial Services Committee on Wednesday, and
will address the Senate Banking Committee the next day.
Gold for immediate
delivery climbed 0.2 percent to $1,191.43 an ounce at 2:50 p.m. in New
York. The metal headed for an eighth straight gain, the longest rally
since July 2011. Gold futures for April delivery gained 0.1 percent to
settle at $1,198.60 on the Comex in New York, a fifth straight gain.
Source: Bloomberg
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