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Gold slides for second day as stocks rally on US economic data
[SINGAPORE] Gold dropped for a second day as global stocks advanced, easing demand for haven assets.
Bullion for immediate delivery traded 0.4 per cent lower at US$1,226.92 an ounce by 9:23 am in Singapore, after a similar decline on Tuesday, according to Bloomberg generic pricing. The metal is retreating from an 11 per cent gain in February, the biggest monthly increase since Jan 2012.
Better-than-expected US factory data helped lift US stocks and Asian shares extended the rally. The Institute for Supply Management's February indexshrank less than economists expected and for the first time since August at least half of the industries measured expanded during the month.