LONDON: Gold rebounded on Wednesday as global shares turned lower after a fall in oil prices, shrugging off a steadier dollar following better-than-expected US economic data.

Spot gold, lower initially, rose 0.5 per cent to $1,237.71 an ounce by 1515 GMT, while US gold futures for April delivery were up 0.5pc at $1,237.10 an ounce.

Bullion, seen as a shelter for risk-averse investors, has rallied about 16pc this year in the face of tumbling equities and fears of a global economic slowdown.

On Wednesday, gold had started the day on the back foot along with other assets perceived as safer, including the Japanese yen, due to a rally in stock markets.

Among other precious metals, platinum fell 0.6pc to $936.20 an ounce, while silver gained 0.7pc to $14.93 and palladium dropped 0.6pc to $512.96.

Published in Dawn, March 3rd, 2016