Gold rises 1% to highest level in almost three months
Gold has a stronger tailwind from a flight to safety from risky assets, Quantitative Commodity Research analyst Peter Fertig says
Bengaluru — Gold rose more than 1% on Monday to its highest in about two-and-a-half months as investors sought refuge after a slide in European equities compounded jitters on global stock markets. Spot gold was up 1% at $1,230.11 an ounce by 11.36am GMT, having touched its highest since July 26 at $1,233.26. US gold futures rose 1% to $1,234. “Gold has now got a stronger tailwind from a flight to safety from risky assets,” said Quantitative Commodity Research analyst Peter Fertig. “Gold’s next moves will depend on how long this sell-off continues.” Global stocks were under pressure, with European shares falling to a 22-month low, weighed down by factors including the US-China trade dispute, stalled Brexit negotiations, rising tensions between Saudi Arabia and western powers and concern about an economic slowdown in China. The International Monetary Fund last week said that risks to the global financial system, which have risen over the past six months, could increase sharply if pres...
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