Gold Price Steadies As Stocks Slide

New York (Jan 30)  Gold rose for the first time in a week Monday, as falling US stocks boosted the precious metal's safe haven appeal.

April gold futures were up USD4.90, or 0.4%, to settle at USD1,196 an ounce.

On the US economic front, the Commerce Department released a report showing that personal income increased by slightly less than expected in the month of December.

The report said personal income rose by 0.3% in December after inching up by 0.1% in November. Economists had expected income to rise by 0.4%.

The Commerce Department also said personal spending climbed by 0.5% in December after rising by 0.2% in the previous month. The increase in spending matched economist estimates.

Meanwhile, a separate report from the National Association of Realtors showed a bigger than expected rebound in pending home sales in the month of December.

NAR said its pending home sales index jumped 1.6% to 109.0 in December after tumbling by 2.5% to 107.3 in November. Economists had expected pending home sales to increase by 0.6%.

Source: AllianceNews