Gold heads towards seven month high

Gold heads towards seven month high
Highlights

Gold rose on Tuesday as shares resumed falls, and was just below the 7 1/2-month high struck the previous day after growing concerns about the global economic outlook sent investors into safer assets.

London: Gold rose on Tuesday as shares resumed falls, and was just below the 7 1/2-month high struck the previous day after growing concerns about the global economic outlook sent investors into safer assets. The precious metal saw some profit taking in early trade after failing to push through key psychological resistance at $1,200 an ounce, but picked up after U.S. markets opened and looked set to retest the $1,200 level.

Spot gold was trading up 0.5 percent at $1,196.9 an ounce by 1307 GMT, after rising to $1,200.60 on Monday, its strongest since June 22 last year. "Once again buying has resumed. If we can reach $1,200 and hold above it that would probably set the scene to go higher," said David Govett, head of precious metals, at commodities broker Marex Spectron.

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