Gold prices rise amid gloomy economic data

Gold prices rise amid gloomy economic data

Gold prices rose in Asian markets on Thursday as investors continued to assess the economic damage caused by the COVID-19 pandemic.

Gold futures gained 0.33% to $1,745.70 per ounce at 9:37 PM ET (2:37 AM GMT) as the precious metal attempted to reclaim its losses from the previous session.

Companies reported gloomy numbers while the U.S. Commerce Department saw its March retail sales plummet by a record 8.7%. Asian stock markets had seen a decline on the same day.

As the virus-hit economy continues to face turbulence, gold’s appeal will attract investors as many perceive the yellow metal as a safe haven.

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