The Address | Benghazi – Libya
BEIJING – Gold surged to a six-month high on Wednesday as the dollar and Asian stocks tumbled after disappointing data from China fueled fears of a slowdown in global economic growth.
Spot gold prices rose 0.3 percent to $ 1286.18 an ounce after hitting a 15 June high of $ 1,887.31 an ounce earlier in the session.
US gold futures rose 0.5 percent to $ 1288.10 an ounce.
A decline in the dollar leads to lower cost of the precious metal denominated in the US currency on holders of other currencies.
Asian stocks also fell on the first trading day of the new year on disappointing economic data from China, the world’s second-largest economy, which weighed on sentiment and eased early gains in US equity futures.
Among other precious metals, palladium increased 0.25 percent in spot transactions to $ 1267.15 an ounce.
There was little change in silver and settled at $ 15.45 an ounce.