Gold Price At Nearly 3-Mo. High On Safe-Haven Demand

London (Jan 26)  Gold prices are higher and hit a nearly three-month High overnight, on continued safe-haven demand and an improving near-term technical posture. World stock markets are mostly lower Tuesday, led by another rout in Chinese stock indexes. The Shanghai stock index fell over 6% on Tuesday and is now down 22% so far this year. Worries about the plunging value of the Chinese yuan and capital leaving the country are helping to fuel panic selling of equities in China, which in turn is leading to solid selling pressure in Asian equities markets and also spilling over into European and U.S. stock markets.

By 08:00 am EST spot gold was flat at $1112 as was spot silver at $14.34. However, platinum was up $2 at $861 while paladium surged $6 to $496.

Source: KitcoNews