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.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Oil jumps, equities fall as Iran blasts fan Middle East tensions
Gold set for fifth weekly gain as geopolitical risks buoy demand
Oil holds near 3-week low as US sanctions interrupt easing tensions
Seatrium unit ordered to pay US$108 million in arbitration over equipment supply contracts
BP reshapes its leadership team as some executives leave
BHP to decide on future of nickel business by August, trims met coal estimates