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- Gold price rises due to higher demand for safe-haven assets
Gold price rises due to higher demand for safe-haven assets
Demand for safe-haven assets increased as worries over a slowdown in the Chinese economy grew. The Chinese preliminary Markit/Caixin manufacturing Purchasing Managers' Index (PMI) decreased to 47.1 in August from 47.8 in July, missing expectations for a decline to 47.7, and hitting a 77-month low.
It is also unclear when the Fed plans to raise its interest rate. Fed officials agreed at the July monetary policy meeting that the economy is approaching the point when the central bank needs to increase interest rates, but they were concerned about the weak inflation and a slowdown in the global economy.
October futures for gold on the COMEX today increased to 1167.00 dollars per ounce.
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