Gold held near its highest level in 8 months on Tuesday as worries regarding global growth continued to spur safe have demand on the metal and other refuges.
The precious metal climbed to a high of $1195.46 an ounce, while currently trading around $1189.20 from the session’s opening at $1188.21.
The yellow soared for an eight straight session today, where it climbed to a peak of $1200.76 the previous session.
Concerns regarding global growth pushed European shares to 16-month lows and U.S. equities to more than one-year low on Monday.
The sell off continued today in Asia, pushing Japan’s Nikkei 225 index down by more than 5 percent, while boosted the yen to its highest level since November 2014 against the U.S. dollar.
Brent crude rose slightly to trade around $33.35 a barrel, after falling for three consecutive sessions amid no signs of a possible OPEC and non-OPEC meeting.
The dollar index fell to a bottom of 96.31, the lowest in nearly four months, while currently trading lower around 96.50, amid lower expectations the Fed would hike its interest rates next month.
The recent data from the United States have raised expectations the Federal Reserve is likely to adopt a cautious pace of interest rate hikes this year.
Eyes will focus this week on Fed Chair Yellen’s semi-annual testimony to the Congress, as investors will look for clues whether policymakers would delay raising the borrowing cost in March.
