Gold recovers after slide below $1,200

17/02/2016 05:35 AST

Gold rose on Tuesday, snapping two days of losses and recovering from an early dive below $1,200 an ounce, as a retreat in stock markets from earlier highs boosted interest in the metal as a haven from risk.

Spot gold was up 0.2% at $1,211.76 an ounce at 1302 GMT. It earlier fell as low as $1,190.40, having shed 2.3 percent on Monday, its biggest one-day loss since mid-July. Gold hit a one-year high of $1,260.60 last week as worries over the global economy prompted heavy selling of assets seen as higher risk, such as stocks and cyclical commodities.

Heightened stock market volatility and fears that a slowdown in China could spill into the wider markets have led investors to cut the number of interest rate increases they expect from the US Federal Reserve this year.

US gold futures for April delivery were down 2.2 percent from late on Friday at $1,212.30. US markets were closed on Monday for Presidents’ Day.


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