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Gold Rises to Two-Week High as Equities Soften

Gold Rises to Two-Week High as Equities Soften (Reuters)

Gold gained again today as it rose more than 1 percent to hit a two-week high. Weakness in equities aided demand for the precious metal as a safe-haven asset. Gold, showing its best weekly performance since October, also was supported by strong physical demand from China, the world’s biggest bullion consumer. The gains come after gold lost nearly 30 percent in 2013, ending a 12-year bull run and posting its largest annual loss in 32 years, mainly due to the U.S. Federal Reserve‘s plans to taper its monetary stimulus program.

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