Gold climbed a second day as a global selloff in equities deepened, prompting a return to haven assets.
Bullion for immediate delivery rose 0.3 percent to $1,092.03 an ounce at 9:02 a.m. in Singapore, according to Bloomberg generic pricing. The metal fell 1.4 percent last week.
Gold investors have grappled with fluctuations in global equities this year, driven by weakness in China, and sinking crude prices. Markets have begun the week gripped by a fresh bout of risk aversion, with Australian and Japanese stocks and U.S. index futures lower, and Brent crude below $28 a barrel. The U.S. economy is weaker than expected though not likely headed for recession in 2016, Mohamed A. El-Erian, Allianz SE’s chief economic adviser, said on Fox News’s “Sunday Morning Futures.”
An index of the U.S. currency against 10 of its peers is advancing for a fourth week, the longest stretch since July. A stronger dollar typically damps gold’s appeal.