Gold rose in New York as stocks fell around the world, boosting demand for an alternative investment.
The MSCI All Country World Index dropped 0.2 percent as Hong Kong’s Hang Sang Index erased gains for the year. Gold climbed 1.8 percent this year, lagging gains in the Bloomberg Dollar Spot Index and the MSCI global stocks index.
“What happens with equity markets and geopolitical tensions may drive day-to-day sentiment,” said Sun Yonggang, a macroeconomic strategist at Everbright Futures Co. in Shanghai. “The dollar remains the driver of gold direction.”
Gold for December delivery rose 0.7 percent to $1,223.70 an ounce by 7:57 a.m. on the Comex in New York. The metal has declined 5 percent this month and 7.4 percent in the third quarter, the first loss this year.
A report today may show U.S. personal spending expanded in August after data last week showed the world’s largest economy grew the most since 2011 in the second quarter. Consumer spending accounts for about 70 percent of gross domestic product.
Holdings in the SPDR Gold Trust, the biggest gold-backed exchange-traded product, contracted 0.1 percent on Sept. 26 to 772.25 metric tons, the least since December 2008.
via Bloomberg
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