Gold is set for its highest finish in three weeks, as economic data feed global growth worries
Gold settled higher Friday, amid haven buying, overcoming strength in the U.S. dollar as investors reacted to fresh global growth fears and a recessionary alarm bell sounding in the bond market.
Benchmark U.S. stock indexes headed lower and European equities also fell after a round of downbeat economic data. The purchasing-managers-index readings for the eurozone came in much weaker than expected, while the IHS Markit U.S. flash manufacturing PMI fell to 52.5 in March from 53 a month earlier. A reading of at least 50 indicates improving conditions, while one that slips below that mark signals contraction.
“Along with gold, traditional havens for capital like U.S. bonds and the Japanese yen have been rallying while risk markets like stocks , and commodities have been under pressure,” said Colin Cieszynski, chief market strategist at SIA Wealth Management.
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