Gold rises sharply on safe-haven demand

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    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.
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