(Jan 3): Gold futures rose, extending their best quarterly rally in more than a year as concern over China’s economic outlook weighed on global equities and industrial metals.
Bullion hit a six-month high, nearing US$1,300 ($1,777) an ounce, after a report showing a contraction in China manufacturing renewed wild gyrations across equity markets, with Europe and Asia’s slumping, boosting demand for haven assets. Factory gauges in Italy and and Poland also sank. The dimming demand picture in China, the world’s largest base-metals user, pushed copper to its biggest loss in two weeks while an index of 70 mining companies slid.
