On Wednesday, at the beginning of the US session, gold futures rose sharply, as the decline in oil prices and a sharp decline in global equity markets supported the demand for safer assets.
As of 13:55 GMT, or 8:55 am Eastern time on Comex division of the New York Mercantile Exchange, gold for April delivery rose to a daily high at $ 1246.40 per troy ounce, the highest level since 12 February, and it was traded at $ 1245.20, rising $ 22.60, or 1.83 %.
A day earlier, gold prices rose $ 12.50, or 1.03%, as investors turned to safer assets amid a sharp decline in oil prices and the collapse of world stock markets.
On Wednesday, oil prices continue the decline from the previous session after Saudi Arabia has destroyed hopes for a collective reduction of production and after the release of bearish data in the US inventory volume.
During morning trading in New York, WTI fell $ 1.17, or 3.67%, to $ 30.70 a barrel, while Brent fell 82 cents, or 2.46%, to $ 32.45.
Meanwhile, the world's stock markets remain under pressure from sales amid falling oil prices and persistent concerns about global economic growth, prompting investors to leave risky assets.
Instead, investors resorted to safe assets such as government bonds in Japanese yen, as well as German and US bonds.
In recent weeks, gold prices maintained high because of continuing speculation that the Federal Reserve may ease the pace of policy tightening during the rest of 2016.
On February 11, the precious metal prices rose to an annual high of $ 1263.90. This year gold has risen by almost 16% amid signs that there are risks that global economy and financial stability may interfere with the Fed plans to raise interest rates in the planned pace this year.