Gold surges to highest this year as turmoil skewers rate outlook
Add BT as a preferred sourceSingapore
GOLD surged to the highest level in more than two months as demand for haven assets strengthened due to a global retreat in stocks and a renewed slump in oil, with investors scaling back bets about the pace and timing of US interest rate increases.
Bullion for immediate delivery gained as much as 0.7 per cent to US$1,115.08 an ounce, the highest price since Nov 3, and was at US$1,114.82 at 2:49pm in Singapore, according to Bloomberg generic pricing. The metal is up 5 per cent this year with the MSCI Asia Pacific Index down 11 per cent. The index fell on Tuesday, snapping two days of gains, as stocks in China slid.
