Gold at Two-Month High on Haven Demand as Bullion Miners Rally
- Holdings in bullion-backed ETFs reach highest since November
- Index of producer shares gains for fifth straight day
Gold Is Back in Fashion, Here's Why
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Gold surged to a two-month high as more declines in Asian equities boosted demand for a haven and prompted traders to push back bets on when the Federal Reserve will next raise U.S. interest rates.
Bullion, which is this month’s best performing metal, advanced as much as 1.6 percent as Chinese equities tumbled to a 13-month low. Investors raised holdings in gold-backed funds to the highest since November. The 30-member Philadelphia Stock Exchange Gold & Silver Index of shares rose for a fifth session, the longest streak in a month.