Economics
Gold Declines as Dollar Rebounds, Equities, Commodities Slump
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Gold declined for the fifth time in six sessions as the dollar’s rebound eroded demand for the metal as an alternative investment, and concerns that the global economy will falter drove equities and raw materials lower.
Most advanced nations are lapsing back into recession, while the U.S. is already in the throes of an economic contraction, said Nouriel Roubini, the chairman of Roubini Global Economics LLC. The greenback rose as much as 0.7 percent today against a basket of currencies, and the Standard & Poor’s 500 Index of equities fell 2.1 percent. The S&P GSCI index of 24 raw materials headed for the biggest quarterly slump since 2008,