Gold hits 3-month high on jittery global economy:

Gold Hits 3-month High On Jittery Global Economy:

Fxtpg, Posted on February 02, 2016 facebook-icon google-icon linkedn-icon

Gold brinked up to a three-month high early Tuesday as weak international producing surveys off appetence for risky assets and pushed investors toward safe immortality.
 
Spot gold was little changed at $1,128.80 an ounce, just off an initial high of $1,130.11, its strongest since Nov. 3.
 
U.S. gold for April delivery gained 0.2 percent to $1,129.80 an ounce.
 
Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies. In China, a gauge of factory activity fell to its lowest since mid-2012.
 
Gold, typically the asset of choice in times of uncertainty, has benefited from the volatility in other financial markets. It posted its best monthly jump in a year in January, and has gained more than 6 percent so far in 2015.
 
The U.S. economy could suffer, with inflation remaining too low, if recent volatility in financial markets persists and signals a slowdown in the global economy.
 
The Fed's statement last week that it will closely monitor the global economy and financial markets lifted gold to near $1,130, as it underlined expectations that U.S. policymakers may take it slowly in raising interest rates this year.
 
Reflecting growing confidence in gold, holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose to 21.9 million ounces on Monday.

 
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