Gold extended gains to a third session on Wednesday as growing concerns over the global economy prompted safe-haven bids, while the return of top consumer China from a week-long holiday also lifted prices. "For the moment, it does look like gold could see some more upside due to the risk averse sentiment," said a precious metal trader in Hong Kong. "But I would still bet that prices would drop back to $1,180 than sustain these gains."
Spot gold rose further above the key level of $1,200 per ounce, gaining 0.5 percent to $1,214.20 an ounce by 0639 GMT. The metal dropped to $1,183.46 earlier in the week - its lowest since June 2013.
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