(MENAFN- ProactiveInvestors)
Gold futures settled at their highest level in more than two weeks on Tuesday as a selloff in global stock markets and downbeat economic data helped boost the metal’s investment appeal.
Prices for the metal had posted declines in five of the last six sessions as investors weighed prospects for a U.S. rate increase and on fears about China’s economic growth linger.
Gold futures for December delivery rose 0.6% to settle at US$1139.80 an ounce on the Comex.
That was the highest settlement since August 24.
China’s official manufacturing purchasing managers index fell to a three-month low delivering a fresh blow to global markets that have spent August rattled by uncertainty about China’s economic health.
The sharp decline in equities in turn lured more investors to the perceived safety of gold.
In the U.S. data showed that the final Markit PMI totaled 53.0 in August down from 53.8 in July. Also the Institute for Supply Management said its U.S. manufacturing index fell to 51.1% in August from 52.7% in July.
December silver added 0.2% to end at US$14.62 an ounce. But December copper ended down 1.5% to US$2.302 a pound.
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