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Last Updated : Sep 01, 2015 10:12 PM IST | Source: PTI

Gold extends gains on haven demand as global equities slump

Gold climbed 0.8 percent to USD 1,144.33 an ounce. The metal rose 3.6 percent in last month. Silver also rose 0.2 percent to USD 14.65 an ounce, rising for the fourth day.


Gold on Tuesday rose for the third day as investors looked for a haven during the equity selloff sparked by concern of a worsening slowdown in China'’s economy.

Gold climbed 0.8 percent to USD 1,144.33 an ounce. The metal rose 3.6 percent in last month. Silver also rose 0.2 percent to USD 14.65 an ounce, rising for the fourth day.

Asian shares started a global selloff after a gauge of Chinese manufacturing fell to a three-year low and European stocks followed after data pointed to weaker growth in the region.

The Chinese government’s Purchasing Managers’ Index dropped to 49.7 in August, its first dip below 50 since February.


The gains extended a monthly advance for gold that was the biggest since January. Investors are scanning data for signs of China’s impact on the global economy and factory gauges from France, Norway and Russia signaled contractions on Tuesday before data from the US that economists predict will show slower growth. 




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First Published on Sep 1, 2015 06:16 pm
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