TRADELINE LIVE NEWS UPDATE
PRECIOUS-Gold gains as stock sell-off revives safe-haven appeal
Oct 11 Gold prices rose on Thursday as a sell-off in global stock markets prompted investors to seek safety in the metal, with a softer dollar further supporting bullion.
Spot gold XAU= gained 0.8 percent to $1,203.30 an ounce by 0947 GMT.
U.S. gold futures GCv1 added 1.1 percent at $1,206.20 an ounce.
European stocks fell in line with a slump on Wall Street, pointing to growing risk aversion across global markets and turning greater attention to U.S. inflation data later in the day for clues on the pace of monetary tightening. MKTS/GLOB
“Gold is finding a bit of support from the global sell-off seen in equities. If this (sell-off) persists, we will start seeing more of a move to gold as a safe-haven asset,” ING analyst Warren Patterson said.
“Rising U.S. yields and general strength in the dollar have meant that investors have largely ignored gold. But people are seeing fairly good value at current levels on the back of some macro concerns,” Patterson said.
Wednesday’s dive on Wall Street prompted U.S. President Donald Trump to lash out against the U.S. Federal Reserve for raising interest rates. Some analysts said his comments were supporting gold prices somewhat.
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