Gold jumped above $ 1,100 an ounce for the first time in nine weeks during Asian trading on Thursday as investors to seek safety in the yellow metal amid a sharp decline in global equity markets and concerns about the Chinese economy and the escalation of political tensions.
The price of gold in the spot transactions to $ 1102.80 an ounce before trimming gains to 0.5% at $ 1099.00 by 03:40 pm GMT.
It jumped US futures also went for a fourth straight session to $ 1102.50 an ounce, its highest level in nine weeks.
ANZ Bank said “Gold continues to climb with increasing demand researcher for a safe investment amid renewed market turmoil. Growing stock losses and a sudden drop in the value of the yuan draws the positive image of gold.”
China and its currency has led to a sharp drop in-depth concern about second-largest economy in the world and sent Asian stocks to their lowest level in three months.