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Gold surges over 2 pct as share selloff sparks flight to safety

From reuters.com

Gold prices on Thursday jumped over 2 percent to more than a two-month high as tumbling global stock markets sent investors rushing to the safe-haven asset. Spot gold rose 2.6 percent to $1,225.26 as of 2:11 p.m. EDT (1811 GMT), after hitting its highest since July 31 at $1,226.27. It was also the metal’s best one-day percentage gain since June 2016. U.S. gold futures settled up $34.20, or 2.87 percent, at $1,227.60. Bullion broke above a narrow trading range it has been stuck in for the past 1-1/2 months, triggering fresh buying interest and forcing investors to cover their short positions, analysts said. Wall ... (full story)

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  • Category: Fundamental Analysis