Gold advances as equities drop on growth concern
Gold spurted nearly $52 per ounce as concern about slowing growth drove equities lower and boosted demand for metal as an alternative investment.
By Bloomberg | Updated:
NEW YORK: Gold on Friday spurted nearly 52 dollar per ounce as concern about slowing growth drove equities lower and boosted demand for the metal as an alternative investment.
The gold shot up by USD 52.30, or 2.75 per cent to USD 1,881.40 an ounce on the Comex. Silver also rose 3.45 per cent to USD 42.93 an ounce.
European equities fell before a report that may show the US economy added less jobs last month as the unemployment rate held above 9 per cent.
Advanced economies will probably return to recession as governments toughen austerity measures, said Nouriel Roubini, who predicted a bubble in US house prices before the market peaked in 2006.
Bullion is in the eleventh year of a bull market, the longest winning streak since at least 1920 in London, as investors seek to diversify away from equities and currencies. The metal is up 31 per cent this year, outperforming global stocks, commodities and Treasuries.
The gold shot up by USD 52.30, or 2.75 per cent to USD 1,881.40 an ounce on the Comex. Silver also rose 3.45 per cent to USD 42.93 an ounce.
European equities fell before a report that may show the US economy added less jobs last month as the unemployment rate held above 9 per cent.
Advanced economies will probably return to recession as governments toughen austerity measures, said Nouriel Roubini, who predicted a bubble in US house prices before the market peaked in 2006.
Bullion is in the eleventh year of a bull market, the longest winning streak since at least 1920 in London, as investors seek to diversify away from equities and currencies. The metal is up 31 per cent this year, outperforming global stocks, commodities and Treasuries.
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