Gold Seen Advancing on Central Banks Stimulus Speculation
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Gold fell for a second straight day as signs of stronger U.S. industrial growth boosted prospects for the economy and eroded the appeal of the precious metal as a haven.
The Standard & Poor’s 500 Index of equities rose as much as 1.2 percent after the Institute for Supply Management’s factory index rose to 54.8 in April from 53.4 in March. Economists had forecast a reading of 53, according to the median estimate in a Bloomberg survey. The precious metal has gained 6.1 percent this year as Europe’s intensifying debt crisis threatened global growth.