Gold Halts Drop as Korean Stocks Rally; Crude Falls With Ringgit

Gold rebounded from a one-month low, driving gains in precious metals as Australian and South Korean stocks rallied with copper. Crude oil fell a second day while the Korean won and Malaysian ringgit extended declines.

Gold rose 0.2 percent to $1,330.78 an ounce by 9:23 a.m. in Tokyo, snapping a four-day slump and trimming its first weekly drop since January to 3.8 percent. Silver and platinum climbed at least 0.2 percent. Australia™s S&P/ASX 200 Index rose 0.3 percent from an almost six-week low while the Kospi Index in Seoul gained 0.6 percent. Standard & Poor™s 500 Index futures lost 0.1 percent. Oil in New York dropped 0.2 percent. The won reached a six-week low as the ringgit slipped a third day.

Asian stocks are down 1.6 percent in a second straight week of declines after Federal Reserve Chair Janet Yellen indicated March 19 that U.S. interest rates could rise as soon as six months after the end of the central bank™s bond buying program. HSBC Holdings Plc and Markit Economics™ gauge of Chinese manufacturing is due March 24, with economists projecting ongoing contraction in the sector. Europe and the U.S. expanded sanctions against Russian officials over Crimea.
Source : Bloomberg

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