Gold hits multi-month high on weaker dollar

Gold touched its highest in more than six months on Wednesday as sagging equities compounded concerns over weakening global markets, prompting safe-haven flows into the precious metal.

Spot gold was up 0.2 percent at $1,284.71 an ounce at 1250 GMT, having earlier touched its highest since June 15 at $1,288.66.

U.S. gold futures rose 0.5 percent to $1,287.10.

“We are seeing a very risk-averse market right now,” said Craig Erlam, senior market analyst at OANDA.

Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.