国内英语新闻:Gold rebounds amid equity woe

CHICAGO, Aug. 25 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange on Thursday bounced off the biggest drop since March 2008, as the weakness in stock market enhanced appeal of gold as a safe-have investment.

The most active gold contract for Dec. delivery gained 5.9 U.S. dollars, or 0.3 percent, to 1,763.2 dollars per ounce. The metal suffered on Wednesday the biggest one-day drop since March 19, 2008.

Market analysts said that gold extended losses in earlier trading, hit by a margin-requirement increase, but the drop in global stock market gave a push to the metal. Both Dow Jones industrial average and S&P 500 declined on Thursday after a 3-day rise as a government report showed U.S. jobless claims rose last week.

Besides, market hearsay went that Germany might be next to get a sovereign-debt downgrade, adding to the positive tone on gold market. German equity market also suffered sharp drop in the day.

Many market watchers remained long-term bullish attitude toward gold although they said the precious metal could correct further in the short term. A trader noted that the fundamental factors driving uncertainty and fears are all still there.

Expectations are growing that the Federal Reserve Chairman Ben Bernanke would not provide any form of stimulus in a speech scheduled for Friday at a yearly gathering of central bankers in Jackson Hole.

Silver for Sept. delivery also rose 1.583 dollars, or four percent, to 40.745 dollars per ounce. Platinum for Oct. delivery lost 3.9 dollars, or 0.2 percent, to 1822.4 dollars per ounce.