Gold Rises on Risk Aversion And Inflation Concerns

Gold prices rose on Tuesday, October 12 as risk aversion and inflation concerns added to the yellow metal’s allure, but expectations that the US Federal Reserve would start cutting economic stimulus capped gains.

Spot gold rose 0.3% to $1,759.56 an ounce by 07:20 GMT, while US gold futures rose 0.3% to $1,761.40.

Concerns about inflation caused by a global energy crisis and debt problems with China’s Evergrande weighed on Asian stocks.

For other precious metals, silver settled in spot transactions at $22.56 an ounce, while platinum rose 0.4% to $1012.48.

Palladium fell 0.7% to $2,097.24, after hitting its highest level since September 10 at 2,182.67 on Monday.