Gold Rebounds From Biggest Decline in Six Weeks on Haven Buying

23-Apr (Bloomberg) — Gold futures recovered from the biggest drop in six weeks as signs of slowing economic growth from China to the U.S. spurred demand for haven assets.

Purchases of new U.S. homes slumped more than forecast in March, while manufacturing slowed in the euro area and China in April, separate reports showed Thursday. The economic data reignited demand for gold after prices on Wednesday fell the most in six weeks amid positive figures for American housing.

Signs of uneven growth in the U.S. have prompted speculation that the Federal Reserve will wait longer to raise interest rates, while central banks in Europe and Asia have expanded stimulus efforts to combat the slowdown. Investors increased their holdings in exchange-traded funds backed by gold for four straight sessions, and the assets are poised to rise in April for the third time in four months.

[source]