Top commodity: A worker polishes gold bullion bars at a refinery in Sydney. Goldman Sachs Group Inc has described gold as the currency of last resort amid an inflation threat to the US dollar, and forecast further gains above US$2,000 an ounce. — AFP
NEW YORK: Gold headed for back-to-back gains following wild swings as investors weighed the outlook for the metal’s record-setting rally, tracking moves in bond yields, a weaker dollar, as well as an uptick in risk appetite.
Spot bullion climbed, while futures were little changed. This comes after prices tumbled on Tuesday, then swung in a wide arc on Wednesday, as last-week’s rally likely spurred some technical selling and profit-taking. Meanwhile, most Asian stocks advanced yesterday and were on course to erase this year’s declines as the global equity rally that’s driven shares higher since March continued to strengthen.
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