Gold prices are close to five-month highs as the dollar and stock markets tumble

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      Gold prices rose to nearly five-month highs on Thursday as the dollar fell, the pace of interest rate hikes in the United States was expected to slow and global stock markets were sold off.
Spot gold rose 0.2% to $1,239.44 at 1848 GMT, earlier hitting its highest level since July 17 at $1,244.32. U.S. futures rose by $1, or 0.1%, to $1,243.60 an ounce.
"The weakening dollar has kept gold above yesterday's close. If you look at other markets, there's a sense of risk aversion, "says Phil Streible, senior commodity strategist at RJO Futures in Chicago.
The dollar fell about 0.4% as yields on U.S. Treasuries plunged.
Global stock markets fell for the third consecutive trading day on Thursday, raising fears of escalating trade tensions as a Chinese technology giant Huawei executive was arrested in Canada and possibly extradited to the United States.


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