Gold futures rebounded from a seven-week low as declines in U.S. equities revived demand for the metal as an alternative asset.
The Standard & Poor’s 500 Index of shares fell as much as 0.3 percent, after reaching an all-time high on Feb. 20. Trading in gold futures was about 30 percent below the 100-day average for this time of day.
The metal earlier declined as much as 1.2 percent as a provisional bailout deal for Greece cut demand for bullion as a haven. Prices dropped in the previous four weeks amid gains for equities and the dollar.
via Bloomberg
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Alfonso Esparza