Gold Drops From One-Week High as Global Equities Advance
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Gold futures fell from a one-week high as a rally in global equities curbed demand for the precious metal as an alternative investment.
The MSCI All-Country World Index of stocks extended a rally to a five-year high after China’s economic growth accelerated. Gold jumped 3.9 percent in the previous two days amid speculation that the Federal Reserve will hold off on scaling back monetary stimulus.