NEW YORK (Reuters) – Gold prices rose to a six-month high on Thursday as buying boosted a safe haven fueled by fears of a global economic slowdown and stock volatility as the dollar’s decline provided further support.
The spot price of gold hit its highest level since June 15 at $ 1292.32 an ounce and fell 0.4 percent at 08:19 GMT to $ 1289.10.
US gold futures rose 0.6 per cent to $ 1291.20 an ounce.
People are more interested in gold as stock markets are under pressure and look to the metal as a safe haven, “said Peter Fong, managing director of Hong Kong’s Wing Fong Precious Metals.
The dollar index fell more than 0.2 percent as the yen, also a favorite asset in times of economic volatility, rallied against the greenback today.
Palladium rose 0.9 per cent in spot transactions to $ 1265.74 an ounce.
Silver rose 0.5 per cent to $ 15.58 an ounce, while platinum rose 0.3 per cent to $ 796.60.