Gold for immediate delivery rebounded, heading for the longest rally in more than four years, as reeling equity markets and a declining dollar boosted demand for the metal as an alternative asset.

U.S. stocks declined, with the Standard & Poor’s 500 Index near the lowest since April 2014, as energy shares extended losses. The dollar fell for a second straight day against a basket of 10 currencies. Bullion, which topped $1,200 an ounce on Monday for the first time since June, was down as much as 0.3 percent earlier after Goldman Sachs Group Inc. predicted recent gains won’t last.

Gold has climbed 12 percent in 2016 in its best start since 1980, as mounting concerns over global economic growth boost demand for haven assets and spur speculation that the Federal Reserve will hold off on raising U.S. interest rates this year. Fed Chair Janet Yellen is scheduled to appear before the U.S. House Financial Services Committee on Wednesday, and will address the Senate Banking Committee the next day.

Gold for immediate delivery climbed 0.2 percent to $1,191.43 an ounce at 2:50 p.m. in New York. The metal headed for an eighth straight gain, the longest rally since July 2011. Gold futures for April delivery gained 0.1 percent to settle at $1,198.60 on the Comex in New York, a fifth straight gain.

Source: Bloomberg