Economics
Gold Falls Most in 7 Weeks as Stocks Rise, Growth Concerns Ease
- Metal declines second day as central banks may offer support
- Bank of England may cut rates after U.K. secession vote
Gold Falls Most in 7 Weeks: Is It Overbought?
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Gold dropped the most in seven weeks as stock markets climbed on speculation that policy makers will act to spur growth, easing concerns on the global economy after the U.K.’s vote to leave the European Union.
Global equities erased losses sparked by the Brexit vote. The pound rose the most since the referendum as Theresa May prepared to take over as the U.K.’s next prime minister, while Japanese Prime Minister Shinzo Abe vowed to speed up efforts to defeat deflation. A gauge of U.S. small-business optimism rose for a third straight month in June.