Gold Advances as Signs of Slow U.S. Growth Ease Fed-Rate Concern
Has the Gold Market Selloff Reached Its Peak?
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Gold gained for the first time in three sessions after a gauge of manufacturing in the New York area slumped at the fastest pace since the recession, weakening the case for the Federal Reserve to raise interest rates next month.
The Fed Bank of New York’s Empire State index unexpectedly dropped in August to the lowest since April 2009. Gold also climbed as China’s devaluation of the yuan last week fueled economic-growth concerns on emerging markets, boosting demand for a haven.