Gold hits 2012 high on latest QE concerns

The price of gold rose 0.9% to $1,790, its highest level since mid-November last year, after a Federal Reserve board member said QE3 would likely persist throughout most of 2013. At the same time, better than expected US manufacturing data helped lift equity markets on the first day of the quarter - but indices look set to pare those gains today despite Australia cutting interest rates on global growth fears. Overnight, the S&P 500 added 0.4% to 1,444 after a US manufacturing index rose for the first time since May. Later, other indices also made gains after the Reserve Bank of Austra...