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Gold Eyes Best Week In four Years As Market Turmoil Empowers Haven Appeal

Gold Eyes Best Week In four Years As Market Turmoil Empowers Haven Appeal
SINGAPORE: Gold on the day of Friday clung to sharp overnight gains that forced the metal to a 1-year high, and looked deployed to post its best week in over 4 years as stock market turmoil stoked safe haven requirement.
Asian shares slid as mounting uncertainties about the health of European banks further gave threats to an international economic outlook. MSCI's global stock index closed more than twenty percent below its all-period high.
Safe-haven assets shone all around the board. U.S. ten-year Treasury yields hit their lesser since the year 2012 and the Japanese yen reached to its highest in fifteen months against the dollar, while money sustained to flow into gold-backed exchange traded funds or contributions.

Spot gold increased to $1,260.60 on the day of Thursday, it’s the largest in a year, and before paring few gains to close up 4% in its biggest regularly gain in over 2-1/2 years. On the day of Friday, it eased 0.9% to $1,235.85 by 0335 GMT.

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