Gold Rises as Global Worries Push Investors to Haven Assets
March 22 2019 - 7:39PM
Dow Jones News
By Ira Iosebashvili
Gold prices rose Friday, as signs of global economic weakness
pushed investors into haven assets.
Gold for April delivery, the most-active contract, rose 0.4% to
$1,312.30 a troy ounce on the Comex division of the New York
Mercantile Exchange.
Weak manufacturing data from the eurozone deepened investors'
anxiety over the health of the global economy, weighing on stocks
and boosting prices for bonds. Some market participants head to
gold during times of political or economic uncertainty, believing
it will hold its value better than other assets when markets turn
rocky.
Some of gold's gains were mitigated by a rise in the dollar.
Gold, which is denominated in dollars, becomes more expensive to
foreign investors when the U.S. currency appreciates. The WSJ
Dollar Index rose 0.2% to 89.66.
The Japanese yen, another popular haven asset, advanced 0.8%
against the dollar to Yen109.92 per dollar.
In base metals, copper for May delivery dropped 2.2% to $2.8425
a pound. Copper is widely used in manufacturing and construction,
making it sensitive to global growth expectations.
Emerging-market currencies, which also tend to be sensitive to
global growth, trended lower against the dollar.
Write to Ira Iosebashvili at ira.iosebashvili@wsj.com
(END) Dow Jones Newswires
March 22, 2019 19:24 ET (23:24 GMT)
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