Bengaluru — Gold prices rose on Friday as disappointing economic data from the eurozone added to concerns of a slowdown in global growth and drove investors away from riskier assets. Spot gold was up about 0.3% at $1,312.37/oz by 11.56am GMT, while US gold futures gained 0.4% to $1,312. “It is about the weakness in the economy in the eurozone and outlook for interest rates which makes holding gold more attractive,” said Quantitative Commodity Research analyst Peter Fertig. Businesses across the eurozone performed much worse than expected in March as factory activity contracted at the fastest pace in nearly six years, hurt by a big drop in demand, a survey showed. “The data … was weaker than the consensus. This is weighing on interest rates in the eurozone and bond yields,” Fertig said. Germany’s benchmark 10-year government bond yield turned negative for the first time since October 2016, while European stocks wiped out early gains after the data was released. Gold prices rose to th...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now