Gold hits four-month high on economic concerns

Thursday, 27 February 2014 00:44 - - {{hitsCtrl.values.hits}}

Reuters: Gold prices rose above $1,340 on Wednesday, holding onto four-month highs on uncertainty over China’s economic policy moves and with weaker data raising questions about the strength of the U.S. recovery.

Investors have poured back into the metal, which has risen 11% since the beginning of the year, on worries about economic conditions in the United States and in China, which is now dealing with unprecedented growth in corporate debt. Spot gold touched its highest since October 30 at$1,345.35 an ounce and was down 0.1% at $1,339.23 by 1146 GMT. U.S. gold futures for April delivery fell 0.2% to $1,339.40 an ounce, having earlier hit a four-month high of $1,345.60.