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Gold prices rose to their highest level in more than six months on Wednesday as the dollar and Asian stocks fell after disappointing data from China fueled fears of a slowdown in global economic growth.

By 0712 GMT, spot gold prices rose 0.3 percent to $ 1286.18 per ounce, after hitting their highest since June 15, 2018 at $ 1287.33 an ounce earlier in the session.

US gold futures rose 0.5 per cent to $ 1288.10 an ounce. The dollar index, which measures the performance of the greenback against a basket of major currencies, is hovering near the two-month low reached in the previous session.

A decline in the dollar leads to lower cost of the precious metal denominated in the US currency on holders of other currencies.

Asian stocks also fell on the first trading day of the new year on disappointing economic data from China, the world's second-largest economy, which weighed on sentiment and eased early gains in US equity futures.

Among other precious metals, palladium increased by 0.25 per cent in spot transactions to $ 1267.15 per ounce.

Source: Yemen News Agency

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