Gold rose to a
three-month high as investors continue to seek alternative assets amid
turbulence in financial markets. Asian stocks dropped and oil resumed
its selloff.
Bullion for immediate
delivery gained as much as 0.2 percent to $1,130.50 an ounce, the
highest level since Nov. 3, and traded at $1,128.33 at 9:11 a.m. in
Singapore, according to Bloomberg generic pricing.
Gold is extending its
2016 rally, underpinned by demand for haven assets and rising bets that
the U.S. Federal Reserve will hold off on raising interest rates
further. Investors added to gold holdings through exchange-traded funds
for a 10th straight day, as of Jan. 29.
Fed Vice Chairman
Stanley Fischer said Monday it’s difficult to gauge the impact on the
U.S. economy from recent market turbulence and uncertainty over China,
leaving policy makers undecided about what to do next.
Source : Bloomberg
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