Gold rises slightly as geopolitical anxiety takes hold
The metal rises as Asian shares fell on renewed political and economic concerns, including China’s weak growth
Bengaluru — Gold prices nudged higher on Friday as Asian shares fell on renewed political and economic concerns including China’s weak growth, with the metal on track for a third consecutive weekly gain. China’s economy grew 6.5% in the third quarter from a year earlier, its weakest pace since the global financial crisis, and missed expectations as a years-long campaign to tackle debt risks and the trade war with the US began to bite. Spot gold was up 0.2% at $1,227.41/oz as of 4.41am GMT, and about 0.8% higher for the week. US gold futures were up 0.1% at $1,230.9/oz. “With Chinese equity markets continuing to drift lower, and lingering geopolitical risks such as Fed interest rate hikes, Italian budget concerns and the US-China trade war, stock markets are still shaky and in no way have stabilised,” said Ronan Manly, a precious metals analyst at Singapore-based dealer BullionStar. “This overall mix should be supportive of the gold price.” Asian stocks slipped with MSCI’s broadest i...
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