Gold lifted by signs of ailing global economy
Prices hit a six-month peak as investors flock to safe haven
Bengaluru — Gold prices scaled a more than six-month peak on Thursday as fears of a global economic slowdown embellished safe-haven demand for bullion, with a weaker dollar adding further support. Spot gold was up 0.3% at $1,288.49 an ounce at 1237 GMT, having touched its highest level since June 15 at $1,292.32. US gold futures traded up 0.5% at $1,290.40. “Fears of an economic slowdown are one source of the equity market volatility, thus contributing to the covering of short positions in the futures market and investors’ renewed interest in gold,” said Julius Baer analyst Carsten Menke. European and Asian bourses were dealt a heavy blow as Apple announced its first revenue guidance contraction in 12 years. The news from the technology giant also weighed on the dollar index, which slipped about 0.2%. Weakness in the currency reflects concerns over the US economy and a drastic shift in investor expectations for interest rate rises, with many now expecting an end to the US Federal Re...
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