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Gold rose to a near four-month high on Monday, adding to last week’s gains, as investors ditched the dollar and equity markets on persistent worries over the pace of the US economic recovery and China’s growth.
Weak US manufacturing data on Friday and a slowdown in the rise in home prices in China for the first time in 14 months in January, raised fresh concerns over the health of the world’s biggest economies, drawing investors towards gold, often seen as an insurance in times of troubles.
“Spot gold rose as high as $1,334.50 an ounce in earlier trade, its highest since October 31. It was trading at $1,330.05 by 1037 GMT, up 0.7 per cent.
US gold futures for April delivery rose $9.70 an ounce to $1,333.40.
Compiled from agencies
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