Gold's Best Day in Seven Years Has Metal on Verge of Bull Market
- Bullion is rallying after Fed signaled rates will stay low
- Barrick shares reach highest since September 2014 in Toronto
Gold's Monkey Magic Seen Fading
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As global stocks enter a bear market, gold is on the verge of bull status.
Global stocks slumped Thursday as investors shunned risk worldwide amid concern that central-bank efforts to support economic growth are losing potency. Federal Reserve Chair Janet Yellen yesterday told Congress that market turbulence may weigh on the outlook for the economy if it persists. The metal jumped as much as 5.8 percent to $1,263.90 an ounce, the highest since February 2015, and the gain was the biggest intraday advance since 2009.