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Gold trades higher Monday, regains safe-haven status

Gold trades higher Monday, regains safe-haven status

Mubasher: Gold prices rose during Monday's trades following sharp drops last week by as much as $35, after economic woes from Turkey had prompted investors to resort to buying the US dollar.

Earlier on Monday, gold futures had added up to $10.70 to reach $1,194.90 per ounce, while spot gold had risen 0.3% to reach $1,188.22 per ounce.

By 12:05 pm GMT, however, gold futures grew 0.79% recording $1,193.5 per ounce, while spot gold increased 0.22% to $1,186.81 per ounce.

However, as the economic woes lessen, gold has been able to regain is safe haven status, according to analysts.