Gold loses ground as equities hog the limelight

Bengaluru — Gold fell on Tuesday, retreating from a near one-month peak hit in the previous session, as equity markets regained some ground following a sharp slide driven by fears of a global slowdown, and bond yields edged up.

“We have a bit of recovery in the equity markets, risk sentiment is positive; that is a little bit of a drag on gold,” Julius Bär analyst Carsten Menke said. Calm returned to global markets as a steadier day for Europe and Asia’s bourses and a tick higher in benchmark bond yields helped ease nerves after a few days dominated by recession worries.

“It is unlikely there will be a recession, but it’s very clear to us that there is a substantial slowdown occurring in the US and that growth will be markedly lower than last year,” Capital Economics analyst Ross Strachan said. “Gold will pick up and end the year at $1,400. The market sentiment will become more risk averse, and that will be a boost to gold because of the sluggish global economy we are expected to see in both the US and China.

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