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Gold steadies near 3-month high

Gold steadies near 3-month high

LONDON: Gold steadied after touching three-month highs on Tuesday, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors towards safe-haven assets.

Weak Chinese manufacturing data on Monday underscored the challenges for the world economy, while volatility in oil and other assets fuelled interest in gold as a haven from market turmoil.

Spot gold touched $1,130.30 an ounce early on Tuesday, its strongest since Nov 3, and was little changed at $1,128.18 at 1513 GMT. US gold for April delivery was up 0.1 per cent at $1,128.8 an ounce. Spot platinum was down 1.3pc at $857.99 an ounce, palladium was down 1.4pc at $493.25 and silver was up 0.2pc at $14.34.

Published in Dawn, February 3rd, 2016

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