Gold rises and holds near six-month highs on volatile shares
SPDR Gold holdings see their best one-day surge in more than two years
Bengaluru — Gold rose on Thursday, holding near six-month highs hit in the previous session, supported by a weaker dollar and buyers hedging against volatile stock markets. Spot gold rose 0.4% at $1,271.65 an ounce as of 12.15pm GMT, after hitting its highest since June 19 at $1,279.06 in the previous session. US gold futures rose 0.1% to $1,274 an ounce. “The risk-averse sentiment is the most dominant force today. Investors are busy profit-taking in equities, which is benefiting gold,” said Naeem Aslam, chief market analyst at Think Markets UK. World stocks bounced off a near two-year low on Thursday following a dramatic Wall Street surge on Wednesday. However, the rally fizzled somewhat in Europe where shares erased most of their early gains. “There has been an extensive surge in the gold exchange traded fund (ETF) holdings and there is absolutely no shortage of momentum there. Investors are just preparing themselves by buying gold as there are several uncertainties heading into 2...
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