Gold soared on Monday, set for its biggest monthly advance in four years, as monthly flows into gold funds due to haven demand amid worries regarding global growth outlook.
The precious metal hit a high of $1233.98 an ounce, while currently trading around $1232.82 from the opening at $1222.26.
Gold climbed nearly 9 percent in February, the biggest monthly gain since January 2012, while has advanced 15 percent this year.
Haven demand boosted money inflows into gold funds, where assets in SPDR Gold Trust climbed to 762.41 tonnes on Friday, the highest in almost a year.
The G20 finance leaders vowed to use “all policy tools – monetary, fiscal and structural – individually and collectively” to avert risks threatening global growth.
However, they did not come out with certain concrete steps to spur global growth amid the slowdown in emerging markets.
Asian shares dropped on Monday, with China’s CSI 300 falling to a 15-month low and Japan’s Nikkei 225 posted its biggest monthly drop since May 2012.
Gold slipped on Friday after upbeat U.S. economic data lifted the U.S. dollar on speculations the Fed may raise its interest rate in March.
U.S. preliminary fourth-quarter GDP signaled an upside revision to 1 percent, ahead of the awaited non-farm payrolls data due later in the week.
The dollar inched down to 98.15, after posting its second straight weekly advance last week, according to the dollar index.
