|02-04-2015, 02:32 AM||#1|
Gold hold gains with global economy recovery in focus
Gold prices edged higher on Tuesday approaching $1,300 an ounce, amid growing demand for gold as a safe haven due to fears of future global economic growth, following negative Chinese and U.S. data.
U.S. economic data released Monday showed that U.S. consumer spending fell at the fastest rate since 2009 in December 2015, a sign that the pace of U.S. economic growth is not strong enough, especially after the latest U.S. growth data that indicated a slowdown.
These factors sparked fears for the future of the U.S. economy, which will increase the demand for the shiny metal as a safe haven.
Gold prices gained 0.40% around $1,283.05 an ounce.
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