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By Jan Harvey
LONDON (Reuters) - Gold slipped nearly 2 percent on Friday after earlier touching a 2-1/2 month high as a slide in the global equity markets sparked a broad-based commodities sell-off. Platinum, palladium and silver all tumbled, reflecting losses in crude oil, industrial metals, sugar and grains, as European and U.S. stock markets posted huge losses.
Spot gold was quoted at $897.00/901.00 an ounce at 1436 GMT against $911.50 an ounce late in New York on Thursday. Earlier it touched a session low of $887.95 an ounce.
Gold has been underpinned in recent weeks by interest in bullion as a haven from risk as markets descended into chaos. But that has not been enough to support it as losses have intensified.
"The flight to quality into gold and possibly silver is not necessarily a valid approach to the market right now," said Alan Plaugmann, head of futures and options at Saxo Bank.
"The majority of people are favoring cash and fixed income over pretty much any other asset class out there."
The dollar benefited from the market turmoil, hitting a 14-month high against a basket of currencies as investors sold emerging market stocks and rushed back to the relative safety of the U.S. currency
LONDON (Reuters) - Gold slipped nearly 2 percent on Friday after earlier touching a 2-1/2 month high as a slide in the global equity markets sparked a broad-based commodities sell-off. Platinum, palladium and silver all tumbled, reflecting losses in crude oil, industrial metals, sugar and grains, as European and U.S. stock markets posted huge losses.
Spot gold was quoted at $897.00/901.00 an ounce at 1436 GMT against $911.50 an ounce late in New York on Thursday. Earlier it touched a session low of $887.95 an ounce.
Gold has been underpinned in recent weeks by interest in bullion as a haven from risk as markets descended into chaos. But that has not been enough to support it as losses have intensified.
"The flight to quality into gold and possibly silver is not necessarily a valid approach to the market right now," said Alan Plaugmann, head of futures and options at Saxo Bank.
"The majority of people are favoring cash and fixed income over pretty much any other asset class out there."
The dollar benefited from the market turmoil, hitting a 14-month high against a basket of currencies as investors sold emerging market stocks and rushed back to the relative safety of the U.S. currency
