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Gold today rose for the fourth day, the longest run in almost five months, as China cut interest rates and the US economy grew at a slower—than—estimated pace.
Gold rose 0.8 per cent to $1,223.34 an ounce, the highest since February 17. Silver also rose 0.5 per cent to $16.67 an ounce.
The People’s Bank of China lowered the benchmark lending and deposit rates by a quarter percentage point on Saturday, while data on Chinese manufacturing signalled a contraction, underscoring the need for looser policy.
The US economy grew at a 2.2 per cent annualised rate, down from an estimate of 2.6 per cent, the Commerce Department said Friday.
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