The gold price has steadied after briefly touching a three month high on Tuesday, as concerns grow that the global economy is slowing. Worse than expected Chinese manufacturing data weighed heavy on the market.
In 2016 gold has been the best performing commodity and one of the very few to post a gain so far this year. Year to date gold has risen 6% while the Dow Jones has fallen by over 1,000 points. Commodity prices have been decimated and the oil price continues to fall.
The gold price rallied to over $1,131.40 per ounce on Tuesday, its highest level since November 3rd.
Gold has benefited as investors have returned to yellow metal for protection from falling equity and commodity prices.