TRADELINE LIVE GOLD NEWS UPDATE
Gold hits near 12-week high as falling markets burnish appeal
Oct 15 Gold prices jumped nearly 1 percent on Monday to hit a near 12-week high as Asian shares resumed their fall and investors grappled with the impact of the ongoing Sino-U.S. trade war and higher U.S. interest rates.
Spot gold XAU= was up 0.9 percent at $1,228.24 an ounce, as of 0741 GMT. Prices hit a session high of $1,229.18 an ounce, a peak since July 26.
U.S. gold futures GCcv1 were up 0.8 percent at $1,231.80 an ounce.
“There is a huge change in sentiment when it comes to the yellow metal because it is playing the role of a safe-haven asset here. We see fund flows from the equity markets going into gold,” Think Markets UK chief markets analyst Naeem Aslam said.
“Gold at its current level is highly attractive given the uncertainty we have out there.”
“Gold is more appealing after the stock market crash. It has regained some of its safe-haven lure,” said Brian Lan, managing director at Singapore dealer GoldSilver Central.
A sell-off in equities last week, helped gold break above the narrow trading range of the past 1-1/2 months, with the metal jumping as much as 2.5 percent on Thursday, its biggest one-day percentage gain in more than two years.
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