Gold rises as investors head for safe-haven assets amid equity sell-off
Bengaluru — Gold prices rose on Tuesday as a rout in global equities prompted investors to seek shelter in safe havens such as gold, although the expectation of more US rate increases this year weighed on the market. Spot gold was up 0.4% to $1,345.12/oz at 4.23am GMT following Monday’s 0.5% gain. Prices fell 1.2% on Friday, the most since December 7, 2017, after stronger than expected US payrolls data shored up the expectation that a pick-up in inflation will spur further rate increases this year, boosting the dollar, in which it is priced. US gold futures for April delivery rose 0.9% to $1,348.00/oz on Tuesday. ANZ analyst Daniel Hynes said he suspected an even bigger rally in prices considering the correction in the equity markets. "The rate hikes have already been priced in by the market … but it’s certainly got the ability to temper the upside in gold prices," Hynes said. Asian shares fell sharply after Wall Street suffered its biggest decline since 2011 on Monday as investors’...
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