Gold price up $24, hits one-week high

The price of bullion rose 1.8%, or $24.40, settling at $1,391.80/oz on Thursday as the US dollar dipped.

Poor manufacturing data from China and the possibility of reduced monetary stimulus by the US Federal Reserve sent shivers through markets today, catalyzing European losses and the worst day in two years for Japan's Nikkei index.

Investor jitters about weak Chinese growth and a less supportive Fed also led to gains in other "safe" assets like the Swiss franc, German bonds and the Japanese yen.

A continued trend of better than expected US labour market data could increase pressure on the Fed to scale back its asset purchase program.

 

Check out gold price charts here courtesy of www.infomine.com

Sources: The National Post; news.com.au; Zee News; InfoMine