Gold inches up as weak US data reinforces economic slowdown fears

“Gold prices inched up on Wednesday, after rising as much as 1% in the previous session, as dismal U.S. manufacturing data fanned fears of a sharp global economic slowdown and stoked bets of further interest rate cuts” reports An employee returns a box of one kilogram gold bars to the safe in Budapest, Hungary, on June 17, 2013.U.S. manufacturing activity tumbled to a more than 10-year low in September as lingering trade tensions weighed on exports, further heightening financial market fears of a sharp slowdown in economic growth in the third quarter.Against a basket of currencies the dollar was slightly weaker, while global shares retreated to one-month lows on Wednesday.

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