Gold extended gains to a second straight session on Wednesday as investors turned to the safe-haven metal after a slump in global equities.
- Spot gold rose 0.2 percent to $1,229.30 an ounce by 0034 GMT, after gaining 1.4 percent in the previous session.
- Global equity markets tumbled on Tuesday, denting the recent recovery in riskier assets as oil prices fell on signs that a proposed deal to freeze output by major producers was not on the horizon.
- Bullion rose along with other safe-haven assets. The Japanese yen climbed to a roughly two-week peak against the dollar, while the Swiss franc rose to a roughly three-week high on Tuesday.
- Gold has gained 16 percent so far this year, making it one of the best performing assets of the year, on the back of concerns over the global economy and the sell-off in stocks.
- Investors have been channelling money into bullion, as evident in flows into exchange-traded funds.
- Silver Run Acquisition Corp , a U.S. investment vehicle, raised $450 million in an upsized initial public offering on Tuesday to buy energy companies, indicating investors believe bargains may be found amid the oil price rout.
- The metal has also been helped by speculation that the Federal Reserve may not raise U.S. interest rates this year.
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