According to Bloomberg, European and US stock markets rallied on the back of news that policymakers are able to increase stimulus to counter slower growth.

The precious metal registered its first monthly increase since May after equities took a hit and China unexpectedly devalued its currency, prompting investors to seek safer options.

However, the lacklustre news for gold turned out to be good news for copper which rose to a three-week high.

Europe is the second largest regional user of the metal, with global stocks climbing after services and manufacturing figures in the EU rose to a four-year high.