LONDON—The spot price of gold edged higher, maintaining its week-long rally amid ongoing concerns about the global economy.
"The recent short-term uptrend has held intact and the bullion is once again outperforming other metals in the precious complex," said Andrey Kryuchenkov, a commodities analyst with VTB Capital in London. "Fears over the global economic recovery are helping to depress bond yields and supporting gold, just as it happened earlier this summer."
Spot gold recently traded $1, or 0.1%, higher at $1,226.50 a troy ounce.
But SEB analyst Bjarne Schieldrop cautioned that stronger stock markets likely would help to relieve the flight to safety and push the yellow metal somewhat lower over the course of the day.
"Even though we se further upside we find it natural that gold will take a breather in today's somewhat more positive equity sentiment," he said.
Other precious metals were also trading higher. Spot silver was trading 13 cents, or 0.7%, higher at $18.54 an ounce, spot platinum was 0.7% higher at $1,540 an ounce and spot palladium was 1.7% higher at $489 an ounce.
