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Gold hits multi-month high on weaker dollar

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Gold touched its highest in more than six months on Wednesday as sagging equities compounded concerns over weakening global markets, prompting safe-haven flows into the precious metal.

Spot gold was up 0.2 percent at $1,284.71 an ounce at 1250 GMT, having earlier touched its highest since June 15 at $1,288.66.

U.S. gold futures rose 0.5 percent to $1,287.10.

“We are seeing a very risk-averse market right now,” said Craig Erlam, senior market analyst at OANDA.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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