Gold prices rose for the third time in four sessions amid slumping U.S. consumer confidence and signs of slowing economic growth in China, boosting demand for the precious metal as a store of value.

An index of consumer confidence in June fell more than analysts forecast, and a gauge of China’s economy in April showed the smallest gain in five months. Global equities tumbled, and most commodities slumped.

“Gold is very finely tuned to investor concerns about the economy,” Jeffrey M. Christian, the managing director of CPM Group, said in an interview in New York. “If the economic situation deteriorates, prices will rise because investors will shift money from Treasuries to gold.”

Gold futures for delivery in August rose $3.80, or 0.3 percent, to $1,242.40 on the Comex in New York. Earlier, the metal fell as much as 0.9 percent.

“The risk-aversion crowd is dumping everything that’s risky and buying gold,” said Adam Klopfenstein, a senior market strategist at Lind-Waldock, a broker in Chicago. Gold may reach $1,400 by the end of the year, he said.

Gold has jumped 13 percent this year, reaching a record $1,266.50 on June 21, partly on demand for a haven amid Europe’s sovereign-debt woes. This month, the precious metal reached all- time highs in euros, U.K. pounds and Swiss francs.

“With Chinese growth concerns surfacing and European Union default fears on the rise, we expect investor dip-buying to provide further background support,” said James Moore, an analyst at TheBullionDesk.com in London.

Silver futures for September delivery dropped 8.3 cents, or 0.4 percent, to $18.625 an ounce.

Platinum futures for October delivery fell $15.30, or 1 percent, to $1,555.10 an ounce on the New York Mercantile Exchange.

Palladium futures for September delivery declined $18.05, or 3.8 percent, to $454.40 an ounce, marking the biggest drop since June 4.