Gold Drops for Third Day as Equities Rebound Trims Haven Demand
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Gold declined for a third day, set for the worst run in seven weeks, as concern eased that the global economy is stalling, boosting global equities and cutting demand for haven investments.
Spot bullion lost 0.5 percent to $1,738.88 an ounce at 2:43 p.m. in Singapore, after shedding as much as 1.1 percent. Gold, which reached a record $1,814.95 on Aug. 11, is still 22 percent higher this year on debt woes in Europe and the U.S. The metal in Swiss francs rose to this year’s high of 1,390.91 today.