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Gold Edges Up As Recession Worries Mount
Gold prices rose slightly on Thursday as fears of global recession mounted.
Spot gold rose 0.3 percent to $1,521.24 per ounce, while U.S. gold futures were up 0.25 percent at $1,531.85 per ounce.
Risk-off sentiment dominates equity markets after the yield on 30-year U.S. treasuries fell below 2 percent for the first time ever in a sign that interest rates will likely remain lower for longer.
The U.S. yield curve remains inverted for the second day running today, triggering an extensive flight to safety. The yield curve has inverted before each recession in the past half-decade.
Asian stocks ended mostly lower, European markets gave up early gains and U.S. stock futures turned lower as investors await a slew of U.S. data due out later in the day for further direction.
Reports on weekly jobless claims, retail sales and industrial production are likely to be in the spotlight, although data on regional manufacturing activity, labor productivity and costs, business inventories and homebuilder confidence may also attract attention.
The material has been provided by InstaForex Company – www.instaforex.com
