Gold climbs to seven-year high on growth fears, stimulus measures

Gold prices rose to their highest in more than seven years on Tuesday as concerns over global economic growth and a wave of stimulus measures from central banks and governments lifted bullion's appeal. Spot gold was up 0.4% at $1,721.54 per ounce at 1202 GMT, having touched its highest since November 2012. U.

S. gold futures were steady at $1,761.80. Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement. Lower interest rates also cut.

This article is no longer available in our repository.

There could be multiple reasons for this.