BLBG: Gold Declines for a Third Straight Day on Reduced Demand From Investors
Gold declined for a third day in London and New York on reduced demand for the precious metal as a protector of wealth.
A report showed China’s imports increased more than economists predicted, reducing concern that global growth may falter. The euro was little changed against the dollar before a report next week that may show German investor confidence improved in September. Gold futures are 1.9 percent below a record $1,266.50 set on June 21.
Gold has lost its “fear element as a price driver,” said Bayram Dincer, an analyst at LGT Capital Management in Pfaeffikon, Switzerland. “The safe-haven gold buying argument does not have a strong foundation.”
Gold futures for December delivery lost $8.80, or 0.7 percent, to $1,242.10 an ounce at 8:39 a.m. on the Comex in New York. Bullion for immediate delivery in London was 0.2 percent lower at $1,240.65.
