(Bloomberg) — Gold edged lower for a fourth day as investors took stock following a broad sell-off that rattled equity and commodity markets, with the weakness stoked by concerns about economic growth.
Most Read from Bloomberg
Bullion was down 0.3% after posting a similar decline in the previous session as a gauge of the US dollar — a go-to asset at a time of market stress — rose for a fifth day.
The ructions will spur additional interest in payrolls data due Friday. Any signs of labor-sector weakening are likely to support a more aggressive pivot to easing by the Federal Reserve, potentially aiding gold.
-
Gold has rallied by more than a fifth this year, supported by growing optimism that the Fed will start cutting rates from this month. Lower borrowing costs typically benefit the metal, which doesn’t pay interest. Robust over-the-counter purchases and haven demand have also underpinned the advance.
-
Spot gold fell to $2,484.77 at 8:37 a.m. in London, after peaking at a record $2,531.75 in August. The Bloomberg Dollar Spot Index dipped 0.2%. Silver, platinum and palladium declined.
—With assistance from William Clowes.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel
