2018.10.1106:44:00UTC+00Gold Prices Rise As Risk Appetite Wanes

Gold prices rose on Thursday as global growth concerns triggered a heavy sell-off in global equity markets.

Spot gold rose 1.2 percent to $1,203.11 an ounce while U.S. gold futures added 1.1 percent at $1,206.60 an ounce.

U.S. stocks tumbled the most in eight months on Wednesday as investors fretted about the impact of the U.S.-China trade war and rising interest rates.

The S&P 500 lost 3.3 percent and the Dow retreated 3.2 percent to log their biggest single-day losses since Feb. 8, while the tech-heavy Nasdaq slumped 4.1 percent to post its steepest loss since June 24, 2016.

Asian markets followed Wall Street lower and European stocks fell again, adding to losses in the previous session, as investors pondered the effect of trade tensions and higher interest rates on global economic growth.

U.S. stock futures point to another day of heavy losses on Wall Street ahead of inflation data due later in the day.