Gold Slides Below $1240 as Equities Rebound

Gold declined for a third day, extending a retreat from a five-week high, as a rebound in global equities reduced demand for a haven. Platinum and palladium advanced.

Bullion for immediate delivery fell as much as 0.3 percent to $1,234.74 an ounce, and traded at $1,236.04 at 9:03 a.m. in Singapore, according to Bloomberg generic pricing. The metal last week capped the first back-to-back weekly gain since July after rising to $1,249.75 on Oct. 15, the highest price since Sept. 11.

Gold retreated as the Bloomberg Dollar Spot Index rose amid prospects for higher U.S. borrowing costs, with Federal Reserve policy makers preparing to end an asset-purchase program this month while counterparts in Europe weigh further stimulus. The MSCI All-Country World Index of equities extended an advance from an eight-month low, rebounding after four weekly losses that was the longest run of declines in more than a year.

Bloomberg

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