Gold advanced for a second day in London, buoyed by demand for the metal as a haven as equities continued to slide. Platinum also rose.
Australia slashed interest rates by the most in 16 years, fueling speculation other central banks plan a round of cuts to ease the financial crisis. The U.K. government may invest at least 45 billion pounds ($79 billion) in the country's banks, which paced today's decline in the FTSE 100 stock index.
Gold "should look to make further gains in the coming days as flight-to-safety demand increases,'' James Moore, an analyst at TheBullionDesk.com, wrote today in a report. Strong physical demand will also support the metal, he wrote.
Australia slashed interest rates by the most in 16 years, fueling speculation other central banks plan a round of cuts to ease the financial crisis. The U.K. government may invest at least 45 billion pounds ($79 billion) in the country's banks, which paced today's decline in the FTSE 100 stock index.
Gold "should look to make further gains in the coming days as flight-to-safety demand increases,'' James Moore, an analyst at TheBullionDesk.com, wrote today in a report. Strong physical demand will also support the metal, he wrote.
