Gold rose 1 percent to scale a six-month peak on Monday as sliding stock markets and concerns about a global economic slowdown sapped risk sentiment, driving investors to seek safety in the precious metal.
Spot gold XAU= was trading at $1,268.49 per ounce at 1:57 p.m. EST (1857 GMT) in thin trade ahead of Tuesday’s Christmas holiday. The metal hit its highest since late June at $1,269.49 earlier in the session.
U.S. gold futures GCv1 settled up 1.1 percent at $1,271.80 per ounce.
“Gold has continued to be firm here in the course of equity market weakness and an ongoing bevy of factors that are concerns for the market such as trade wars, interest rate hikes and others,” said David Meger, director of metals trading at High Ridge Futures.
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