Gold hits a 12-week low amid investors seeking quality

Source: Investing.com
© Scanpix/Reuters
On Tuesday gold reached a new 12-week high due to investors looking for a safe heaven from losses in the oil market. Futures for February hit a high of $1,244.30 per troy ounce, the highest since October 2014. During the European morning trade time gold futures settled at $1,241.60 per troy ounce, compared to $1,232.80 a day before. Gold received support despite the US employment report indicating a slump in the hourly wages, meaning the Fed is likely to postpone a rate hike.
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