IDEALSTOCK|Gold touched $1,233.26 on Monday, its highest since July 26, as global stocks slid on rising tensions between Western powers and Saudi Arabia and concerns over the pace of global economic growth. Asian stocks market rose modestly on Tuesday, gaining a firmer footing after a week of heavy losses.
Gold prices held steady on Tuesday near the last session’s 2-1/2-month high as risk-averse investors sought refuge in the metal amid rising political tensions and economic uncertainty
Spot gold was little changed at $1,226.11 an ounce at 0353 GMT.
Gold touched $1,233.26 on Monday, its highest since July 26, as global stocks market slid on rising tensions between Western powers and Saudi Arabia and concerns over the pace of global economic growth. Asian stocks market rose modestly on Tuesday, gaining a firmer footing after a week of heavy losses.
While the sell-off in stocks rekindled some demand, there were other key factors in play. With escalating trade tensions, concerns over slowing global growth, geopolitical tensions and U.S. mid-term election jitters in the mix, gold has a chance to shine,” .
While the risk-off trading environment is poised to send gold higher in the near term, the medium- to longer-term outlook remains dictated by the dollar and U.S. rate hike expectations.
