Gold Rises to $1,240.90 Amid Chinese Economy Concerns

Gold continues a rebound today, at $1,240.90 an ounce this afternoon in London, an increase of $4.74 from close on Friday, according to Reuters. This is its highest price in three weeks, and assuming it closes near this price, it will be the fifth subsequent day of gains for the precious metal. Earlier today, gold hit a high of $1,245.86 an ounce.

According to Reuters, concerns about China’s economy have caused drops in worldwide stock prices, but have moved investors to place their money on gold. The data that influenced this pattern included figures that showed China’s service sector declining last month, as well as reports of reduced manufacturing activity. Analysts say the data has inspired caution in investors.

Gold futures for February delivery were also up $1 to $1,239.60 an ounce, MarketWatch reported.