Global gold prices hit 6 month high due to economic slowdown

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International gold prices reached at the 6 month high on Thursday (yesterday).

Global gold prices due to the fear of global economic slowdown hit 6 month high. The demand of gold in the international market increased and the weaker dollar is also adding further support.

The spot gold price was also increased by $1,288.49 per ounce (0.3%), having hit the highest since the Jun15 benchmark of $1,292.32.

On the other side, US gold futures also traded up to 0.5% higher at $1,290.40. However, the biggest largest gold-backed exchange-traded fund, Holdings of SPDR Gold Trust, also increased to 795.31 tonnes. Since early August, it is the highest indicating investor’s interest for the safe heaven metal.

Some other precious metals, like platinium shed by 0.4% to $791.30. On the other side, silver was increased by 0.3% and reached at $15.56 and palladium observed the 0.3% hike to $1,258.40 per ounce.

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