March 5 (Bloomberg) -- Gold futures rose, snapping an eight- session slump, as some investors purchased the precious metal as an alternative to stocks. Silver climbed.
European equities fell after rebounding from a 12-year low yesterday, and U.S. stocks headed for the fourth straight weekly decline. Gold dropped 9.5 percent in the previous eight sessions, the longest slump since September. On Feb. 20, the metal topped $1,000 an ounce for the first time in 11 months.
“As equities continue to liquidate, we can see safe-haven buying in gold,” said Tom Pawlicki, an analyst at MF Global Ltd. in Chicago. “Yesterday’s rally in stocks doesn’t have much staying power.”
Gold futures for April delivery rose $21.20, or 2.3 percent, to $927.80 on the Comex division of the New York Mercantile Exchange.
Silver futures for May delivery climbed 20.5 cents, or 1.6 percent, to $13.12 an ounce.
Gold has gained 4.9 percent this year, while silver jumped 16 percent.
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