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.

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