Economy Gold prices rise to the highest levels

Gold prices rise to the highest levels
 12 minutes ago

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.


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