Gold climbs towards three-month peak as equity nosedive sparks safe-haven rush
The risk-off environment amid political uncertainty is boosting bullion with more upside potential for prices expected
Bengaluru — Gold prices rose on Thursday towards a more than three-month high hit earlier this week, as a sell-off in global equities triggered safe-haven bids for the metal amid rising political and economic uncertainties. Asian shares dived as hundreds of billions of dollars haemorrhaged from global markets after a rout in tech stocks inflicted the largest daily decline on Wall Street since 2011, wiping out all its gains for the year. Spot gold was up 0.3% at $1,237.04 an ounce as of 3.57am GMT, not far off Tuesday’s $1,239.68, the highest since July 17. US gold futures were up 0.7% at $1,239.70 an ounce. “After the massive sell-off in global equities, investors are looking for a safe-haven shelter. They are starting to diversify and look at bullion as a means of value maintenance, with no end in sight appearing for the bear market,” said Benjamin Lu, a commodities analyst with Phillip Futures. “We see more upside potential for gold prices, and if it continues to move up and reach...
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