Gold rose, set for the biggest advance in a week, as a retreat in equities and emerging-market currencies revived demand for a safe haven.
The Stoxx Europe 600 Index of shares lost 1.2 percent and Vietnam and Kazakhstan devalued their currencies. The Federal Reserve will release minutes from its last meeting in July that may give investors guidance on the timing and pace of monetary policy tightening.
“Greater uncertainty in stocks could well be what is propping up gold,” Bernard Dahdah, a precious-metals analyst at Natixis SA, said by phone from London. “The Fed minutes are very important for gold, as it’s the last before the September meeting when many expect rates will be changed.”
Bullion for immediate delivery climbed as much as 0.6 percent to $1 124.35 an ounce, and traded at $1 123.09 at 11:01 am in London, according to Bloomberg generic pricing. Metal for December delivery added 0.5 percent to $1 122.20 on the Comex in New York.
Investors sold holdings in gold-backed exchange-traded products, with total assets falling to 1 511.3 metric tons. That’s within 1 percent of the lowest since 2009, according to data compiled by Bloomberg as of Tuesday.
Silver for immediate delivery gained 0.5 percent to $14.9594 an ounce after sliding 3 percent on Tuesday. Platinum was little changed at $995.40 an ounce.
Palladium fell for a third day, losing as much as 1.1 percent to $591.35 an ounce. That’s near the lowest level since 2012.
BLOOMBERG