Gold price rose due to increasing demand for safe-haven assets. Geopolitical tensions and concerns over slowdown in the Chinese economy supported gold price. The People's Bank of China (PBoC) continued to devaluate the yuan. The central bank set the yuan midpoint at 6.5646, down 0.5% from the day before. It was the lowest level since March 2011. Trading was halted after stocks plunged.
February futures for gold on the COMEX today rose to 1107.40 dollars per ounce.