Bengaluru — Gold prices hit their highest in six-and-a-half months on Friday as volatile equity markets heightened the fear of a global economic slowdown, propelling the safe-haven metal towards a potential third consecutive weekly gain. Spot gold was up 0.2% at $1,296.35/oz, as of 3.01am GMT, having earlier touched $1,298.42, its highest since mid-June. The metal has risen more than 1% so far this week. US gold futures were up about 0.4% at $1,299.50/oz. “Concerns about tepid global economic growth and volatility in risk assets is likely to keep the safe-haven asset — gold — in favour,” said Sugandha Sachdeva, vice-president of metals, energy and currency research, Religare Broking. Global markets were on edge on Friday as dire US economic data slammed Wall Street and pushed investors to bet the Federal Reserve could reverse its policy tightening before the end of this year. A survey data from Institute for Supply Management (ISM) showed that US manufacturing activity slowed sharpl...
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