Gold rebounds to 6-week high on China, US woes

New York

GOLD gained the most in six weeks as Chinese stocks retreated into a bear market and US retail sales capped the weakest year since 2009, increasing demand for a haven. Platinum fell to a seven-year low.

Bullion rebounded from the biggest drop of the year as Chinese equities slipped after investors lost confidence in government efforts to manage the country's markets and economy. US equities headed for their lowest levels in 15 months, and crude oil plunged below US$30 a barrel. Gold extended gains after US government data showed that sales at retailers fell in December, wrapping up the smallest annual advance of the current economic expansion.