Gold snapped a three-session winning streak on Wednesday as a rebound in equities lured investors away.
Gold for February delivery GCG5, -0.28% fell $8.70, or 0.7%, to $1,210.70 an ounce, while March silver SIH5, -0.45% shed 9 cents, or 0.5%, to $16.54 an ounce.
A day earlier, gold prices rallied as the metal’s safe-haven appeal was burnished by the fact that the S&P 500 SPX, +1.16% was extending its losses in 2015 to nearly 3% — about the same amount that gold had risen since the ball dropped on the new year.
Tokyo (Nikkei Average) up 1.7% (at break)
Hong Kong (Hang Seng Index) up 0.4%
Shanghai (Shanghai Composite Index) down 1.7%
Sydney (S&P/ASX 200) up 0.7%
Seoul (Kospi) up 1%
Taipei (Taiex) up 1.6%
Asian equity markets rallied on Thursday, while oil prices enjoyed a rare fillip following a surge in New York and Europe on strong US data and expectations for fresh eurozone stimulus measures.
Confidence was also given a much needed boost by minutes from the US Federal Reserve's December meeting suggesting it will not hike interest rates before April.
Tokyo rallied 1.67 per cent by lunch as the yen gave up recent gains against the dollar, while Hong Kong added 0.88 per cent, Sydney added 0.77 per cent and Seoul surged 1.14 per cent. However, Shanghai was flat after already climbing more than four percent so far this year.
The advances come as welcome relief for global markets, which have been hammered by a slump in oil prices and growing fears that Greece could exit the eurozone as an anti-austerity party looks set to win this month's general election.
