Concerns Over Chinese Economy Lifts Gold Prices
Gold might be getting back its shine once again at least for the investors.
On Monday, gold prices were close its highest level noted almost in the last seven weeks and scored its highest one week gain since January 2015. The main reason for the lift in price is attributed to the slowing Chinese economy as investors dump risky assets and opt for safer assets.
Early on Monday, Spot gold remained almost unaltered at $1,160.50 an ounce by 0047 GMT. In early hours I had touched a high of $1,165.11.
The gains were bigger on Friday, as the precious metal moved up to as much as $1,168.40. That was the highest level noted since July 7. Last week gold gained greater than four percent which was the highest since middle of January.
However, U. S. gold delivery for December remained level at $1,160.40 per ounce.
On Friday, data released revealed that the factory activity in China dropped at its greatest speed noted in last six years or more in August. Both export as well as domestic demand dropped considerably.
Eager and vigilant eyes are watching the Chinese government's next move expecting actions which might push for a higher growth in the slowing second largest economy of the world.
New Zealand News
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