Gold rebounds after sell-off, investors buy

Risa Maeda
Reuters
Monday, April 21, 2008

TOKYO, April 21 (Reuters) – Gold rebounded on Monday, bolstered by light buying on dips by Japanese investors.

Spot gold was at $919.20/919.90 per ounce at 0900 GMT after falling more than $20 to $916.40/917.20 by late New York trade on Friday, hurt by a rising dollar and an upbeat U.S. stock market.

Citigroup Inc (C.N: Quote, Profile, Research) fuelled a rally on Wall Street on Friday as investors took comfort that the No.1 U.S. bank was taking aggressive steps to resolve credit problems that led to its latest quarterly loss.

Last week, gold climbed as high as $952.60, the highest level since March 28. Gold is traditionally seen as a safe-haven asset when volatility rises in other markets.

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