|02-03-2015, 02:04 AM||#1|
Gold prices firm up around $1,200 on global growth concerns
Gold prices stood firm around $1,200 an ounce on Monday, supported by the concerns over the global economic outlook, which raised demand for the metal as a safe haven against.
Gold prices gained 0.30% around $1,279.42 an ounce at 08:15 GMT.
Data released earlier showed that the final China HSBC Manufacturing Purchasing Managers` Index ticked down to 49.7 in January, worse than the expected 54.1 and December’s reading that recorded a 53.8 growth.
The Chinese data came after U.S. reports confirmed a slowdown in the pace of economic growth during the fourth quarter of 2014.
The negative signals from the global economies usually boost demand for gold as a safe haven, with forecast stability above $1,200 an ounce in the short term.
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