Gold reaches its highest in six months

BENGALURU, Jan 02 (Reuters): Gold touched its highest in more than six months on Wednesday as sagging equities compounded concerns over weakening global markets, prompting safe-haven flows into the precious metal.

Spot gold was up 0.4 per cent at $1,287.31 an ounce by 1113 GMT, having earlier touched its highest since June 15 at $1,288.66.

US gold futures rose 0.6 per cent to $1,289.40.

"We are seeing a very risk-averse market right now," said Craig Erlam, senior market analyst at OANDA.

Global shares began 2019 on a downbeat note while oil prices and bond yields slid and the Japanese yen strengthened as data from far and wide exacerbated concern over the potential for a global economic slowdown.