Bengaluru — Gold prices rose on Monday as investors sought safety as equities slipped after weak Chinese trade data dented risk sentiment and rekindled fears of a global economic slowdown. Spot gold rose 0.6% to $1,294.59/oz by 11.07am GMT, while US gold futures were up 0.4% at $1,295/oz. “Some of the exuberance we have seen across risky assets in the last couple of weeks seems to have faded off as we start a new week. With that, we are once again seeing an underlined demand for gold,” said Saxo Bank analyst Ole Hansen. The metal is often used as a hedge against economic and political uncertainty. Softening equities and weak trade data from China “highlights that even though the market is hopeful of a [US-China] trade deal, the question remains whether this current momentum towards weaker global economic growth can be arrested.” Chinese exports fell by their most in two years in December, alongside a significant contraction in imports, data showed on Monday, prompting a deceleration...
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