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4 Jan 2016
Gold rises sharply on safe-haven demand
FXStreet (Córdoba) - Gold kicked off the new year with solid gains, underpinned by safe-haven demand in a risk off environment.
Tensions in the Middle East and a plunge in China's stock market, following disappointing data, fueled the metal’s appeal and sent gold up nearly 2.0% to a high of $1,083 an ounce.
During the American session, the yellow metal pulled back from highs and it was last trading around $1,077 an ounce, recording a 1.6% gain on Monday.
Meanwhile, stocks were deep into the red around the globe after the Shanghai Composite Index lost nearly 7% and trading was halted.
Tensions in the Middle East and a plunge in China's stock market, following disappointing data, fueled the metal’s appeal and sent gold up nearly 2.0% to a high of $1,083 an ounce.
During the American session, the yellow metal pulled back from highs and it was last trading around $1,077 an ounce, recording a 1.6% gain on Monday.
Meanwhile, stocks were deep into the red around the globe after the Shanghai Composite Index lost nearly 7% and trading was halted.