Gold rises more than 1pc

Gold prices gained more than 1 per cent on Wednesday, with a slight US dollar pullback and wider risk-off sentiment driving demand, reports Reuters.
Spot gold was up 0.8 per cent at $3,963.03 per ounce at 1203 GMT. US gold futures for December delivery were up 0.3 per cent to $3,971.90 per ounce. Gold prices have gained about 52 per cent this year, reaching an all-time peak of $4,381.21 on October 20.
"The recent shift to more of a risk-off mood in financial markets due to growing concerns about equity market valuations is helping gold stabilise following its retreat from record levels," said Julius Baer analyst Carsten Menke.
European shares hit a two-week low as heady equity valuations continued to make investors nervous globally.
The dollar index, meanwhile, eased 0.1 per cent after hitting a more than three-month high, making gold less expensive for other currency holders.
As the US government shutdown moves towards becoming the longest ever, investors are focusing on non-official economic reports, including the ADP National Employment Report due later on Wednesday for cues on the US interest rate path.