Investing.com - Gold prices inched higher on Tuesday, holding near the prior session's four-week high, as fresh concerns over global growth boosted demand for safe-haven assets.
Gold for February delivery on the Comex division of the New York Mercantile Exchange inched up $2.00, or 0.19%, to trade at $1,077.20 a troy ounce as of 15:25 GMT, or 10:25AM ET.
A day earlier, prices rose to a session peak of $1,083.00, the most since December 9, before ending at $1075.20, up $15.00, or 1.41%, as investors reacted to a move by Saudi Arabia to cut commercial ties with Iran, fueling concerns over geopolitical instability in the Middle East.
Gold received another boost after data showed that manufacturing activity in the U.S. and China, the world's two biggest economies, both contracted last month, rekindling fears over the global growth outlook.
Also on the Comex, silver futures for March delivery tacked on 11.4 cents, or 0.82%, to trade at $13.95 a troy ounce.
Elsewhere in metals trading, copper recovered from the prior session's selloff on Tuesday, after China's central bank attempted to buoy markets with a $20 billion cash injection.
The People's Bank of China flooded its banking system with 130 billion yuan, or $19.95 billion, marking the largest cash injection since September.
The move comes one day after a 7% plunge in Chinese stock markets, which rocked global financial markets and revived concerns about the country's economic slowdown.
The Asian nation is the world’s largest copper consumer, accounting for nearly 45% of world consumption.