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Gold fell almost 1 percent on Thursday, ending a two-day rally as a renewed dive in share markets forced bullion selling and a deeper slump in oil prices reduced its appeal as an inflation hedge. Gold, often viewed as a safe haven in turbulent times, defied Wednesday's broad commodities and stock market sell-off.
But was swept up in fresh losses on Thursday as Japan's Nikkei tumbled nearly 10 percent, copper slumped 5 percent and oil shed over $1. Platinum fell 2 percent, to near its lowest in almost 3 years, on fears of falling demand for autocalysts after J.D. Power and Associates pegged October sales on track for a 17-year low with a sales rate below 12 million units.
Gold traded at $842.00 an ounce, down $6.00 from New York's notional close on Wednesday, when it gained 1 percent amid losses in stock markets. Platinum plunged for a second day, falling $19.50 an ounce to $935.50, near the almost three-year low it touched a week ago amid fears that a global recession would do even more damage to new car sales, reducing demand for the metal for use in autocalysts to clean exhaust fumes.

Copyright Reuters, 2008

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