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.