Gold extends gains as equities slip

Gold rose further on Wednesday after declines in stock markets gave speculators an excuse to buy the metal seen as an alternative investment.
Gold traded at $842.90 an ounce, up $7.65 from New York's notional close. Gold jumped 2% to an intraday high of $853.50 on Tuesday before trimming gains after the United States unveiled plans to take stakes in its biggest banks.
Japan's Nikkei slipped 0.6% on Wednesday, a day after its biggest one-day gain in history; with exporters down as US stocks fell on worries about the global economy.
The US unveiled plans to take equity stakes worth up to $250 billion in financial institutions, an incursion into the private sector that US officials called a regrettable last resort.
Platinum traded at $1,010 an ounce, down $7.50 an ounce from New York's notional close. It hit a two-week high of $1,040 on Tuesday, mainly due to buying from investors in Japan.
New York gold futures GCZ8 rose $7.2 an ounce to $846.7 an ounce on safe-haven buying.