SINGAPORE: Gold registered a one-month high on Monday, recuperating from earlier losses due to slowdown in the global economy.
Spot gold increased 0.2 percent to $1,240.40 an ounce by 0701 GMT after earlier decline of 0.3 percent. The metal has gained nearly 4 percent in the past two weeks and hit a one-month high of $1,249.30 on Wednesday.
“We are expecting $1,250 to form a strong resistance to any move higher in gold, while $1,220-$1,225 should support the yellow metal in the short term,” said Laughlin, adding that any further improvements to the global macro climate may see gold drop towards $1,200.
Gold, along with other safe-haven assets such as bonds and the Japanese yen, had benefited over the past two weeks as investors sought safety from riskier equities.
But the worries over the health of the global economy have not been completely removed and markets will still be closely watching economic data.
