(Bloomberg) — Gold edged lower for a fourth day as investors took stock following a broad sell-off that rattled equity and commodity markets, with the weakness stoked by concerns about economic growth.
Bullion was down 0.3% after posting a similar decline in the previous session as a gauge of the US dollar — a go-to asset at a time of market stress — rose for a fifth day.
The ructions will spur additional interest in payrolls data due Friday. Any signs of labor-sector weakening are likely to support a more aggressive pivot to easing by the Federal Reserve, potentially aiding gold.
- Gold has rallied by more than a fifth this year, supported by growing optimism that the Fed will start cutting rates from this month. Lower borrowing costs typically benefit the metal, which doesn’t pay interest. Robust over-the-counter purchases and haven demand have also underpinned the advance.
- Spot gold fell to $2,484.77 at 8:37 a.m. in London, after peaking at a record $2,531.75 in August. The Bloomberg Dollar Spot Index dipped 0.2%. Silver, platinum and palladium declined.
—With assistance from William Clowes.
©2024 Bloomberg L.P.
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