Gold Steady at $1240 as U.S. Dollar Remains Lower

Gold traded near a five-week high as U.S. economic data that missed estimates added to signs a global slowdown may hurt the U.S. recovery, boosting demand for a haven as the dollar and equities dropped.

Gold for immediate delivery traded at $1,244.36 an ounce at 9:31 a.m. in Singapore from $1,242.02 yesterday, when prices climbed to $1,249.75, the highest since Sept. 11, according to Bloomberg generic pricing. The metal advanced with Treasuries as U.S. retail sales dropped more than forecast in September.

Bullion rebounded from this year’s low on Oct. 6 and is headed for the first back-to-back weekly rise since July on speculation that the Federal Reserve may delay interest-rate increases. The MSCI All-Country World Index of equities slumped to an eight-month low and the Bloomberg Commodity Index of 22 raw materials retreated to the lowest level since July 2009.

Bloomberg

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