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Gold rises as global stock markets weaken

Gold rises as global stock markets weaken
Photo Credit: Arabianeye - Reuters

Dubai – Mubasher: Gold prices rose on Tuesday, amid a decline in European equity markets and volatility in Asian bourses. U.S. stocks also ended Monday on a negative note.

European indices fell since early trade to their lowest levels in a week. Asian bourses were mixed, as Shanghai Index rose by 0.16%, while Japan’s Nikkei  added 0.23% and Singapore index gained 0.67%. Meanwhile, Hang Seng Index fell by 0.34%.

The bearish trend in equities forced investors towards the ‘safe haven’ that rose today following record declines.

At 10:51 GMT, gold price rose by 0.62% or $6.7 to reach $1,073.50 per ounce. Silver also rose by 0.63% to $14.120 per ounce.