Gold prices rose on Thursday to trade near a more than three-month high hit earlier this week after Wall Street suffered its biggest one-day fall since 2011 overnight on concerns over earnings, Italian government finances and escalating trade tensions.
Spot gold rose 0.43 percent to $1,237.04 an ounce after hitting as high as $1,239.68 on Tuesday, the highest level since July 17. U.S. gold futures were up 0.62 percent at $1,235.40 an ounce.
Gold is slowly reasserting its role as a safe-haven asset amid rising political and economic uncertainties. The current sell-off in global equity markets is adding to bullion’s near-time upside.
The precious metal has gained more than 6 percent after falling in mid-August to its lowest since January 2017 at $1,159.96 an ounce.