By Frank Tang and Jan Harvey NEW YORK/LONDON (Reuters) - Gold prices rose 4 percent on Monday as investors sought a safe haven from steep losses in world stock markets amid mounting fears a worsening financial crisis would lead to a global recession. Gold jumped in spite of a rallying dollar, heavy drop in crude oil and widespread losses in all other commodities. Losses on the equity markets spurred buying of alternative assets, such as bullion. The blue-chip heavy Dow Jones industrial average fell more than 700 points at one point, breaking below 10,000 for the first time since October 2004, while European stocks also plummeted. "There is a flight to gold as a safe haven again today, which is supporting prices," said Dresdner Kleinwort consultant Peter Fertig. Spot gold traded at $867.30/869.30 an ounce at 2:37 p.m. EDT, up...
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