Gold prices rise for fifth consecutive day on worries about China’s economic slowdown
The price of gold went up for the fifth day in a row today, as uncertainty about China’s flagging economic growth had investors fleeing to safer havens.
Rising 1.4 per cent to $1,124.01 an ounce, gold prices are recovering from the five-year low that had gold miners feeling the squeeze.
Mining companies were buoyed by the rising prices, caused by traders choosing safer options worried about China’s economic slowdown.
Shares in Barrick Gold and Newmont Mining both surged over five per cent, and Goldcorp and Kinross Gold also rose, four and three per cent respectively.
New York’s Arca gold miners index rose 5.6 per cent on the news, but is still down 18 per cent over the year.
