Gold Declines on Slumping Investment Demand, U.S. Equity Rally
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Gold futures fell for the second straight day as equities rallied, eroding demand for the metal as a haven.
The Dow Jones Industrial Average topped 12,000 for the first time since June 2008. Holdings in exchange-traded products backed by gold yesterday tumbled the most since October 2008. Before today, the commodity fell 6.3 percent this month after reaching a record of $1,432.50 an ounce on Dec. 7. The metal rose 30 percent last year, beating returns in stocks and bonds.