PRECIOUS-Gold climbs to six-month peak on waning risk appetite

Gold prices hit a six-month high on Wednesday as concerns over global growth and a partial government shutdown in the United States fuelled risk aversion, prompting investors to seek refuge in the metal.

Spot gold climbed 0.4 percent to $1,273.71 per ounce as at 06:39 GMT. The metal hit $1,274.68 in early trade, its highest since June 20.

U.S. gold futures were up 0.5 percent at $1,277.6 per ounce.

Investors are uneasy about global economical growth and are seeking gold as a safe-haven, said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, adding the sharp sell-off in stock markets has also lent support.

“We always see good demand for gold in the year-end. I would not be surprised if we see

“The latest move on gold should be a stark reminder to investors that gold in any form should be an essential part of any long-term investment strategy as again they yellow metal has proven its weight when markets turn turbulent,” Stephen Innes, APAC trading head at OANDA in Singapore, said in a note.

Among other metals, silver gained 0.9 percent to $14.86 per ounce, while platinum was up 0.6 percent to $787.49.

Palladium edged 0.1 percent lower to $1,244.60 per ounce.

For more tips and Market Analysis Join Tac-Markets 

Tac-Markets Offers a complete guide and market news to help you succeed in the industry

Leave a Reply

Your email address will not be published. Required fields are marked *