LONDON: Gold hit its highest level since mid-October on Monday, extending its biggest weekly rise since July 2013 as sliding stock markets and global growth uncertainty prompted investors to seek safety in hard assets.

Spot gold reached a peak of $1,182.60, its strongest since Oct 16, and was at $1,178.76 an ounce at 1326 GMT, up 0.5 per cent.

The metal climbed 5pc last week and has risen more than 10pc since the start of 2016, reversing last year’s 10.4pc loss.

US gold for April delivery was up 2.1pc at $1,182.1 an ounce.

Hedge funds and money managers boosted their bullish bet in COMEX gold to a three-month high in the week to Feb. 2, US Commo­dity Futures Trading Com­mis­­sion data showed on Friday.

Positive sentiment was also boosted by SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, which said its holdings rose 0.7pc to 698.46 tonnes on Friday.

Across other metals, platinum which tracked gold higher last week, was up 0.3pc to $909.89 while palladium fell 1.3pc to $494.65 an ounce. Silver was up 0.3pc at $15.01 an ounce.

Published in Dawn, February 9th, 2016

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.