Gold advanced toward the highest level in more than six weeks as declines in the dollar and global equities boosted demand for a haven, with assets in the largest exchange-traded product rising to a one-month high.
Bullion for immediate delivery increased as much as 0.4 percent to $1,231.41 an ounce, and traded at $1,229.79 at 8:54 a.m. in Singapore, according to Bloomberg generic pricing. The metal climbed on Dec. 9 to $1,238.32, the highest level since Oct. 23, then retreated yesterday as a slump in oil prices sparked deflation concerns.
Crude prices in New York and London have plunged to five-year lows and are more than 40 percent below their 2014 peaks in June, triggering losses in global stocks as shares of energy producers tumbled. The Bloomberg Dollar Spot Index fell for a fourth day today, the longest slump since July, before the Federal Reserve meets next week to debate the timing of the first interest-rate increase in since 2006.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at firstname.lastname@example.org. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.