Gold Prices Rise as Asian Shares Dive
Investing.com - Gold prices rose to almost three-month highs on Thursday, boosted by increased safe haven demand amid a a selloff equity markets.
Gold futures for December delivery rose 0.71% to $1,239.8 per troy ounce at 12:07 AM ET (04:07 GMT) on the Comex division of the New York Mercantile Exchange, not far from a three-month high of $1,242.8 reached on Tuesday. The U.S. dollar index also gained 0.34% to 96.03.
The U.S. stock markets closed sharply lower on Wednesday, with the S&P 500 dropping 3.09% and Nasdaq falling 4.43%. The nosedive prompted Asian markets to tumble Thursday morning, with China’s Shanghai Composite off 1.63% and the Shenzhen Component down 1.99%.
Hong Kong’s Hang Seng Index slipped 1.86%. Japan’s Nikkei 225 plummeted 2.96%, while South Korea’s KOSPI lost 2.21%.
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