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Gold heads for back-to-back drop on revival in appetite for risk
[SINGAPORE] Gold's rally faltered, with bullion set for the first back-to-back loss in a month, as rising share markets pared demand for a haven.
Bullion for immediate delivery fell as much as 0.9 per cent to US$1,226.68 an ounce and traded at $1,228.34 at 8:55 am in Singapore, according to Bloomberg generic pricing.
The metal lost 0.7 per cent on Friday after surging to US$1,263.48 on Feb 11, the highest level since February 2015.
Gold has been the best performer on the Bloomberg Commodity Index this year, up 16 per cent, as a weakening global economyspurred demand and investors priced in reduced odds of the Federal Reserve increasing US borrowing costs.
Equity markets gained on Monday after a rebound in oil at the end of last week spearheaded a revival in risk appetite.
China's financial markets reopen after a week-long break.