By Glenys Sim - Sep 8, 2011 6:33 AM GMT+0700
Gold may decline for a third day as global equities rallied amid optimism a plan by President Barack Obama will aid growth in the world’s largest economy, eroding demand for haven investments
Gold for immediate delivery was little changed at $1,814.65 an ounce by 6:41 a.m. Singapore time, after earlier falling as much as 0.7 percent. Bullion slumped 4.4 percent in the past two days, dropping from a record $1,921.15 on Sep. 6. Futures in New York were also little changed at $1,819.50.
“The gold price fell as investors embraced risky assets,” Lachlan Shaw, an analyst at Commonwealth Bank of Australia, said today in an e-mailed note.
Obama, who is scheduled to address Congress today, plans to propose boosting job growth by injecting more than $300 billion into the economy next year mostly through tax cuts and infrastructure spending, spurring the biggest gain yesterday in the Standard & Poor’s 500 Index in two weeks.
Platinum for immediate delivery rose 0.3 percent to $1,828 an ounce, trading back above gold after the yellow metal’s two- day slump. Cash silver fell 0.2 percent to $41.4863 an ounce while palladium was little changed at $753 an ounce.
To contact the reporter on this story: Glenys Sim in Singapore at gsim4@bloomberg.net
To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net
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