LONDON -- Gold’s resilience in the face of soaring equities and a dramatic fall in demand this year points to underlying confidence in the metal among investors unconvinced by this autumn's scorching stock market rally.
Bullion's price has barely budged as stocks soared to record high after record high since mid-October and, with a month and a half to go, is on track to post its narrowest trading range of any year since 2005. Physical gold demand, meanwhile, hit an eight-year low in the third quarter.
But that masks solid underlying support from investors. While gold's price performance during this autumn's stock market boom has been underwhelming, they have not been bailing out of the metal. ...
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