Bengaluru — Gold prices rose on Wednesday on demand for safer investments amid falling equity markets and concern over the outlook for global economic growth. Spot gold rose 0.1% to $1,283.61/oz as of 4.52am GMT, near a six-month high of $1,284.09 reached on Monday. US gold futures rose 0.3% to $1,284.80/oz. “It looks very optimistic and fundamentally supportive for gold as the overall mood is still very uncertain and the market confidence is still weak on global growth worries,” said Benjamin Lu Jiaxuan, commodities analyst at Singapore-based brokerage firm Phillip Futures. Asian shares turned tail on the first trading day of the new year as more disappointing economic data from China, the world’s second-largest economy, darkened the mood and erased early gains in US stock futures. The Caixin/Markit manufacturing purchasing managers index (PMI) for December fell to 49.7, from 50.2 in November, and followed a raft of soft trade data from the Asian region. Markets were looking for vi...
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