Gold pulls back from two-month highs as stocks rebound
Spot gold on track for its biggest weekly gain in seven as palladium comes off eight-month highs hit on Thursday
Bengaluru — Gold fell on Friday, retreating from more than two-month highs hit in the previous session, as global equity markets recovered some poise from dramatic losses. Spot gold was down 0.3% at $1,220.17 an ounce, by 10.03am GMT, after jumping about 2.5% on Thursday as a selloff in equities sent investors towards safe-haven assets. Prices hit their highest since July 31 at $1,226.27 on Thursday. Gold has risen about 1.5% this week, on track for its biggest weekly gain in seven. “The markets have kind of stabilised and things have calmed down a bit and the sort of momentum for gold to push higher is not with us at the moment,” said Macquarie commodity strategist Matthew Turner. Global shares were having their strongest day in nearly a month on Friday as European and Asian markets recovered from a brutal selloff that left them set for their worst week since February. Despite gold’s sharpest one-day percentage gain since June 2016 on Thursday, the precious metal is still down abou...
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