Gold pares losses, but say so long to your safe haven
Gold rebounded as some investors deemed a 14% plunge over two days to be excessive and an Asian central banker said that policy makers may take the opportunity to buy. Silver, platinum and palladium advanced.
Gold for immediate delivery traded 2.1% higher at US$1,376.20 an ounce at 2:53 p.m. in Singapore after dropping 1.9% to US$1,321.95, the lowest level since January 2011. Prices fell 9.1% Monday, the most since 1983, and have lost 28% since reaching a record in September 2011.
Bullion fell in 2013 after twelve annual gains that raised the price of bullion more than sixfold as the Standard & Poor’s 500 Index climbed 8%. Gold dropped this year as data showed the U.S. recovery was gaining momentum and some Federal Reserve policy makers signalled that stimulus may be scaled back, curbing haven demand. Societe Generale SA said that the slump was overdone as quantitative easing, or QE, will continue.
“Everything isn’t looking that rosy, so gold should hold up,” said David Poh, Singapore-based regional head of portfolio-management solutions at Societe Generale Private Banking. “This tumbling over the past few days is overdone. We think a good time to accumulate is at the US$1,300 level.”
Read More: http://www.stockgoldmarket.com/gold-pares-losses-but-say-so-long-to-your-safe-haven
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