Gold rose to $1,099.00 (+0.65%) as demand for this safe-haven asset rose amid plunging stocks. Chinese stocks dropped more than 7% triggering automatic stop mechanism for the second time this week after People's Bank of China today lowered the yuan against the U.S. dollar.

Some analysts say that investors are going to be concerned about emerging-market currencies and currencies of countries exposed to shocks from China's economy boosting demand for gold, the yen and the U.S. dollar.