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Gold prices inched higher yesterday as investors were cautious in anticipation of a trade deal between the United States and China, while concerns over global economic growth supported the safe-haven bullion.

Spot gold rose 0,1 percent to $1 485,25 per ounce at 0742 GMT. On Tuesday, prices registered their biggest one-day percentage drop since late September at 1,7 percent. US gold futures were up 0,2 percent at $1 486,90.

“We are not very bearish on gold prices as there are concerns over global economic growth. Economic data from the US, China and the European Union is not very strong . . . this short-term pullback is just a technical retracement,” said Ajay Kedia, director at Kedia Advisory in Mumbai.

The protracted trade war between the United States and China has roiled financial markets and raised fears of a global economic slowdown, helping the safe-haven bullion to rise more than 15 percent this year. — Reuters.