Gold prices rose to their highest in more than seven years on Tuesday as concerns over global economic growth and a wave of stimulus measures from central banks and governments lifted bullion's appeal.

Spot gold was up 0.4% at $1,721.54 per ounce at 1202 GMT, having touched its highest since November 2012. U.S. gold futures were steady at $1,761.80, Reuters said.

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Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement.

Lower interest rates also cut the opportunity cost of holding non-yielding bullion.