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Gold Rises to One-Week High as Equities Slump Fuels Haven Demand

  • Chinese manufacturing gauge dropped to three-year low
  • U.S. central bankers may hold off raising interest rates
Bloomberg business news

China’s Official Factory Gauge Shrinks

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Gold rose to the highest in a week as global equities plunged amid concerns over a deepening economic slowdown in China, fueling demand for haven assets.

The MSCI All-Country World Index of stocks dropped as much as 2.5 percent on Tuesday after government data showed a gauge of Chinese manufacturing fell to a three-year low. Bullion also advanced as a decline in the dollar boosted demand for alternative investments.