Gold Rebounds as Equity Slump Revives Demand for Metal as Haven
This article is for subscribers only.
Gold rebounded in New York, halting the biggest decline since 2008, as slumping global equities revived the appeal of the precious metal as a haven asset.
Global stock markets fell, sending the MSCI World Index of equities down as much as 1.4 percent, as French, Italian and Spanish regulators extended temporary bans on short selling introduced this month. Gold prices tumbled 7.1 percent in the previous two sessions, after gaining as much as 18 percent this month to an all-time high of $1,917.90 an ounce on Aug. 23.