Daily Gold Update

Source: Bloomberg

London— Gold rose for the first time in four days as equity markets declined, buoying demand for the metal as an alternative investment. Platinum and silver also rallied. Stocks fell in Europe and Asia, and U.S. futures dropped on concern financial companies will need more capital. The U.K.'s FTSE 100 slid 2.3 percent, extending its decline from last year's high to 20 percent, the common definition of a bear market.

“We are seeing a lot of risk aversion in the market as stocks are going down,'' Sagiv Peretz, a senior dealer at trading-system operator Finotec Trading U.K. Ltd., said by phone from London. Gold for immediate delivery climbed $4.80, or 0.5 percent, to $930.65 an ounce as of 9:55 a.m. in London. Futures for August delivery rose $2.80, or 0.3 percent, to $931.80 an ounce in after-hours electronic trading on the Comex division of the New York Mercantile Exchange. Gold may rise to $945 in the next couple of days, Peretz said. The metal has traded between $857.79 and $946.40 in the past month. See full story.