Gold May Gain, Cutting Weekly Loss, on Increased Investor Demand
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Gold may gain in New York, narrowing the first weekly loss since January, as demand for the metal as an alternative asset increases.
European equities slipped for a third day and commodities including crude oil and copper fell as an 8.9-magnitude earthquake in Japan, the world’s strongest in more than six years, shook buildings across Tokyo and triggered a 10 meter- (33 feet-) high tsunami. Muammar Qaddafi’s son said Libyan government forces are mounting a full-scale attack on rebels. Gold futures retreated 1.2 percent yesterday, the most in a week.