Gold gains as the stock market falls and investors seek a haven

Gold gained for the first day in four in Asia, after a decline lured physical buyers of the metal.

Gold gained for the first day in four in Asia, after a decline lured physical buyers of the metal. Bullion slumped 6.3 percent in the past three days as a rally in global equities and growing optimism that the world financial crisis may be easing reduced demand for the metal as a haven. “We’re seeing some physical buying today for the first time in a long time,” Ellison Chu, manager of precious metals at Standard Bank Asia Ltd., said from Hong Kong. Some traders were replenishing inventory, he said. Gold is trading at $877 as of 9:15am, GMT. Gold’s Pool-position is 49% Short, meaning that Finotec client are split between buying and selling the precious metal. 5,197 gold lots were traded yesterday.

Derivative and forex trading broker Finotec is a division of leading real-time Internet trading company Finotec Trading Inc, which pioneered the world of online forex trading in 1998. After launching our revolutionary forex online trading platform in 2001, we continued to improve our services and now serve clients of all sizes in many locations worldwide, offering them real-time Internet trading not only in currencies, but also in options, commodities,... More