Gold Near $1230 on Safe-Haven Demand

Gold edged up for a third session out of four to hover near a 12-week peak on Wednesday, bolstered by safe-haven demand as tumbling oil prices and worries over global economic growth hit equities.

Spot gold had ticked up 0.1 percent to $1,231.80 an ounce by 0045 GMT.  Gold closed Tuesday down 0.2 percent after marking a 12-week high of $1,243.60 earlier in the session as the dollar returned to near its session-highs and as crude oil prices pared steep losses.

Oil tumbled 5 percent to near six-year lows before recovering ground on Tuesday, and Brent briefly traded at par to U.S. crude for the first time in three months as some traders moved to take advantage of ample storage space in the United States.


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