Gold falls 0.6% despite Asian stock rout, Goldman Sachs cuts target by $500

Gold prices declined on Friday, even as Asian equity markets recorded sharp losses. Spot gold dropped 0.6% to $4,063.39 an ounce by early morning trading in Asia, while December futures lost 1% to reach $4,072.90. Japan’s Nikkei 225 plummeted about 5.7% by midday, and South Korea’s KOSPI briefly slid more than 8%, highlighting the scale of the selloff in regional stocks. Despite the volatility in equities, gold failed to attract significant safe-haven demand. During the week, gold prices remained about 4% higher overall, but the daily decline coincided with a major shift in sentiment following fresh forecasts from Wall Street. Recent gains in the price of oil added further complications. On Friday, oil rebounded by more than 1% as investors continued to monitor supply risks in the Middle East.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinTurk News.