Gold Rallies to $1212 on Global Growth Concerns

Gold extended gains to a third session on Wednesday, buoyed by safe-haven bids after disappointing economic data from Europe and lower global growth forecasts by the International Monetary Fund.  Spot gold rose about $1 to $1,209.70 an ounce by 0024 GMT, after gaining 0.2 percent in the previous session.

The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil.

The Washington-based lender trimmed its global growth expectations to 3.3 percent for this year and 3.8 percent for next year. In July it had expected growth of 3.4 percent in 2014 and 4 percent in 2015.


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