Gold bounces back as global growth worries weigh on stocks
Spot gold is up 0.3% as platinum recover from its lowest rate in nearly three weeks, and palladium slips 1.4%
Bengaluru — Gold bounced back on Tuesday from multi-week lows touched in the previous session as mounting concerns of an economic slowdown exacerbated by a cut in the International Monetary Fund’s (IMF) global growth forecast drove investors to the safety of bullion. Spot gold was up 0.3% to $1,283.50 an ounce at 11.31 GMT, recovering from a dip to its lowest since December 28, at $1,276.31, on Monday. US gold futures were little changed at $1,282.80. “Gold and safe-haven demand are in a stable relationship ... There is a bit of risk-off sentiment” said ABN AMRO analyst Georgette Boele, adding that weakness in European stock markets and lingering doubts surrounding the US-China trade spat were supporting gold. Pessimism about global growth weighed on global stocks after the IMF warned of a darkening outlook and China confirmed its slowest growth rate in nearly 30 years. In its World Economic Outlook report, the IMF predicted the global economy would grow at 3.5% in 2019 and 3.6% in ...
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