Gold Rebounds From Steepest Drop Since July as Rate Concern Ebbs
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Gold rebounded from the biggest slump in four months after speculation that China may raise interest rates at the weekend proved unfounded, reigniting investment demand for the precious metal. Silver also jumped.
Gold for immediate delivery climbed as much as 0.6 percent to $1,376.28 an ounce and traded at $1,373.07 at 10:41 a.m. in Seoul. The metal had tumbled 2.8 percent on Nov. 12, the biggest decline since July 1, on speculation that China may tighten monetary policy to cool inflation, sparking a commodity selloff.