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Gold Rebounds as Wider Market Selloff Reinvigorates Haven Demand
Gold rebounded after the biggest drop in more than a week, as a wider risk-off tone across financial markets boosted demand for havens. Spot bullion rose toward $3,950 an ounce, after sinking almost 2% in the prior session as gauge of the US dollar rose for a fifth day. Global stocks extended losses on Wednesday after suffering their steepest drop in nearly a month on concerns over elevated valuations. Most other commodities also fell. Gold remains about 50% higher year-to-date, with prices touching a record last month before retracing some gains. The pullback — which followed a slew of signals that the ascent had ... (full story)
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