Share Article

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

In This Article

Gold rallies as stocks tumble

By Jeff Davies

Gold rallied on Wednesday, with the $1,300-per-ounce mark in sight. It reached the strongest level since June 15 on the back of a selloff in stocks and oil, while investors fled to relatively safer assets, including German sovereign bonds and the yen. Fears for the prospects of the global economy strengthened as a private report from China indicated its manufacturing sector shrunk, though slightly, for the first time since May 2017.

The yellow metal added 0.5% at 8:56 am GMT to trade for $1,287.89 per ounce, after climbing to $1,288.66. Silver rose 0.16% to $15.5, while its session high, $15.52 per ounce, was the strongest reading since August 3. Platinum gained 0.18% to $795.76 and palladium spiked 2.28% to $1,264.71. The latter touched $1,269.46, a record high.

Just In