Gold rebounded from the biggest drop in four weeks as some investors purchased the metal as a haven from tumbling equity markets. The Standard & Poor’s 500 Index fell for the fourth straight session on speculation that the economy will be slow to recover. Sales of previously owned U.S. homes slumped more than forecast in July and the number of unsold houses swelled, the National Association of Realtors said. Before today, gold had gained 12 percent this year and touched a record $1,266.50 an ounce on June 18. “We’re in the midst of another freak-out,” said Matt Zeman, a metals trader at LaSalle Futures Group in Chicago. “Investors are pulling money out of equities in droves and looking to the perceived safety of gold.” Gold futures for December delivery rose $7.90, or 0.6 percent, to $1,236.40 an ounce at 10:24 a.m. on the Comex in New York. Earlier, the price was down as much as 1.4 percent, the biggest intraday drop since July 27. Silver for December delivery rose 44.3 cents, or 2.5 percent, to $18.485 an ounce on the Comex. Platinum for October delivery gained $6.60, or 0.4 percent, to $1,515.20 an ounce on the New York Mercantile Exchange, while palladium fell 95 cents, or 0.2 percent, to $482.75 an ounce. To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.

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