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SH: Commodities: Gold snaps back |
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Gold futures finally pushed back up again, after an eight-session slump, as investors returned to the metal as an alternative to slumping stocks.
European and US stocks fell again yesterday, prompting traders to switch to safe-haven buying in gold on overall fears about the markets.
Gold futures for April delivery rose $21.10 to $927.80 an ounce.
Crude prices fell below $44 a barrel as worries about the economy raised fears again that fuel consumption will shrink further.
Crude ended the day down $1.77 to $43.61 a barrel in New York.
Falls were encouraged by economic news, including figures showing euro zone gross domestic product fell at a record pace in the final quarter of 2008.
Meanwhile, data also showed US factory orders slumped for the sixth straight month in January. |
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