Gold rebounds from one-month low on haven demand as stocks drop

Gold rebounded in Asia as investors sought a haven from the decline in equities and the dollar. Asian stocks fell today after oil prices dropped for a ninth day as confidence among the largest manufacturers in Japan, the world’s third-largest oil consumer, grew the least since the economy emerged from its worst postwar recession. Crude oil tumbled to the lowest level since October 5 and is poised for the longest losing streak in eight years. Spot gold rose as much as 0.7 per cent to $1,123.03 an ounce before trading at $1,122.53 at 10:41 am in Singapore. The precious metal dropped to $1,109.55 an ounce on December 11, the lowest intra-day level since November 13. February-delivery gold on the Comex division of the New York Mercantile Exchange gained 0.3 percent to $1,123.40 an ounce after dropping as much as 0.7 per cent earlier.