Gold climbs to 5-month high on safe-haven demand

London (Jan 20)  Gold today advanced to the highest in almost five months as precious metals climbed on demand for a safe—haven amid concerns global economic growth is slowing.

Gold rose 1.5 per cent to $1,294.26 an ounce, the highest since August 28. Silver also rose 1.9 per cent to $18.02 an ounce, the highest since September 19.

The International Monetary Fund made the steepest cut to its global growth forecast in three years in an outlook released late Monday in Washington. It said slowing growth almost everywhere except the US will more than offset the boost to expansion from the slump in oil prices.

Source: TheHinduBusinessLine