Gold jumps to 3-month high as equities continue selloff
Gold prices jumped on Monday to the highest level since October, as a continued risk-off mood in the financial markets boosted the metal's safe-haven appeal. Gold for April delivery rallied $16.40, or 1.4%, to $1,174.10 an ounce, setting it on track for the highest settlement since Oct. 28. The metal has risen 11% so far in 2016, in a trading environment where stocks and oil have suffered significant losses on the back of global growth concerns and oversupply in the energy market. Gold on Monday also benefited from a weaker dollar, with the ICE Dollar Index off 0.2% at 96.863. A softer greenback makes dollar-denominated commodities such as gold cheaper for foreign buyers.
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