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Gold Rises as Global Worries Push Investors to Haven Assets

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03/22/2019 | 07:24pm EDT

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

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.35% 1313.16 Delayed Quote.2.06%
SILVER -0.15% 15.43 Delayed Quote.-0.02%
US DOLLAR INDEX 0.05% 96.55 End-of-day quote.-0.14%
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