Gold clips losses from equity market gains

GOLD prices remained lower into late trade yesterday, as Wall Street stocks added to their gains on increased investor risk tolerance, but bullion cut its decline to about 2.20 per cent as some buyers bought dips.

Sought as a haven asset in times of uncertainty, the yellow metal had some players adding to their holdings as a safety play, unconvinced that a day’s positive news would stick.

Spot gold cut earlier declines to a 2.20 per cent loss at $1,787.35 an ounce. Last week, prices were highly volatile sliding more than $200 from a record $1,911.46 an ounce, dropping towards $1,700.