Gold approaches $1,300 over worries of global growth
ecPulse
2015-01-20 14:37PM UTC
Gold prices rallied on Tuesday approaching $1,300 an ounce supported by the growing demand as a safe haven, while the International Monetary Fund (IMF) cut its global growth forecast. The Chinese growth slowed down to its slowest pace since 1990, and expanded at an annual rate of 7.3%, beating expectations for 7.2%. Gold prices rose by 0.89% around $1,290.92 an ounce. Investors waited to see if the European Central Bank would launch a government bond-buying program when it meets on Thursday, which will boost the yellow metal with the increasing demand for it as a hedge against inflation. Uncertainty over the outcome of Greek elections due to be held on Sunday, as expectations mounted that that Syriza Party, which opposes austerity and bailout packages, will achieve victory boosted demand for safe-haven assets. The precious metal was supported by growing bids for safety against inflation, as well as fears for the future of global economic growth, as bond purchasing programs pushes up inflation rates globally.
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