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Equities rally, gold retreats
Gold retreated from highs hit earlier in the session yesterday as equity markets rallied and the dollar edged off lows against the euro.
- Reuters
- Published: 23:50 October 14, 2008
London: Gold retreated from highs hit earlier in the session on Tuesday as equity markets rallied and the dollar edged off lows against the euro.
Other precious metals remained strong, with platinum climbing more than six per cent and silver four per cent to session highs, supported by a broad-based commodities rally.
Spot gold was quoted at $835.10/$838.10 by 1345 GMT, against $830.80 in late New York trade on Monday. Earlier it jumped 2 per cent to a session high of $853.50 an ounce.
Financial markets surged after news that the United States could pump $250 billion into US banks in what Federal Reserve chairman Ben Bernanke called a comprehensive attempt to end the credit crisis.
US stocks climbed at the open, tracking earlier gains in Europe and Asia.
Mark O'Byrne, director of Gold & Silver Investments in Dublin, said uncertainty in equities made gold's near-term direction hard to call.
Overall weakness in the dollar, the recovery in equities and fresh optimism over the economic outlook sparked buying of commodities in earlier trade.
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