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Gold Rebounds After Heading to Biggest Slump Since 2008

August 25, 2011 at 18:23 by Vladimir Vyun

Gold rebounded today as global equities slumped. Earlier, the precious metal was heading to the biggest drop since 2008.

European regulators extended the temporal ban on short selling, driving stocks down and bolstering demand for precious metals. The MSCI World Index of stocks fell 1.4 percent. The Standard & Poor’s 500 Index slid 1.8 percent. Rising unemployment claims in the US and falling consumer confidence in Germany also benefited gold.

December futures for delivery of gold added $5.50 (0.3 percent) to $1,762.80 per ounce as of 13:25 on COMEX. Earlier, the metal dropped as much as 3 percent to $1,705.40 and was heading to the biggest decline in three days since October 2008.

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