Feb. 3 (Bloomberg) -- Gold climbed in New York, adding to the first monthly advance since August, as declining equity markets boosted demand for haven assets.
Central bank rate increases in Turkey, India and South Africa last week failed to contain January’s selloff in emerging-market currencies, while a Chinese manufacturing gauge dropped to a six-month low in January. The MSCI All-Country World Index retreated 0.2 percent today.
“We suspect that the global equity markets will likely see more turbulence in February,” Edward Meir, an analyst at INTL FCStone, wrote in a note dated today. “Gold should be fairly resilient for a little while longer.”
Gold for April delivery advanced 0.7 percent to $1,248.60 an ounce by 7:28 a.m. on the Comex in New York. The futures advanced 3.1 percent last month while global stocks fell 4.1 percent.
The net-long position jumped 40 percent to 60,672 futures and options in the week to Jan. 28, the most since July, U.S. Commodity Futures Trading Commission data show.