Gold and silver prices rose in Asia as a recovery in regional stock markets alleviated
Gold and silver prices rose in Asia as a recovery in regional stock markets alleviated concern that investors may be forced to sell more gold to cover losses in equities or other assets, Bloomberg reported.
Asian stocks rallied for a second day, rebounding after the worst week in 17 years, as share gains in the U.S. and Europe eased concern a global sell-off that erased more than $5.5 trillion of market value will resume. Gold has gained 1 percent since the U.S. Federal Reserve cut the discount rate on Aug. 17.
"The rebound in equities helped support gold,'' Wallace Ng, chief trader for precious metals in Asia Pacific at Fortis Bank, said by phone from Hong Kong today.