Gold rally faltered, with bullion set for the first back-to-back loss in a month, as rising share markets pared demand for a haven.
Bullion for immediate delivery fell as much as 0.9 percent to $1,226.68 an ounce and traded at $1,228.34 at 8:55 a.m. in Singapore, according to Bloomberg generic pricing. The metal lost 0.7 percent on Friday after surging to $1,263.48 on Feb. 11, the highest level since February 2015.
Gold has been the best performer on the Bloomberg Commodity Index this year, up 16 percent, as a weakening global economy spurred demand and investors priced in reduced odds of the Federal Reserve increasing U.S. borrowing costs. Equity markets gained on Monday after a rebound in oil at the end of last week spearheaded a revival in risk appetite. China’s financial markets reopen after a week-long break.
Source : Bloomberg