Gold extends drop as China trade data cuts haven demand

LONDON: Gold today fell for a fourth day as a calming in global markets damped demand for a safe-haven.

However, palladium rose from the lowest level in more than five years.

Gold fell 0.5 per cent to $1,080.75 an ounce. The metal has slid 2.1 per cent so far this week, paring an early New Year rally.

On the other hand, palladium rose 0.7 per cent to $473.78 an ounce after hitting $451.85 yesterday, the lowest since July 2010.

The metal had sunk as Chinese car sales increased at the slowest pace in three years, adding to concerns about weaker demand in one of the biggest buyers.