2019.08.1415:08:00UTC+00Gold Rises As Investors Flock Back To Safe Havens

Gold prices jumped on Wednesday as traders moved back to safe havens thanks to worrying signs about the health of the global economy.

Concerns about a potential global recession deepened on news from the United States that the yield on the benchmark ten-year note dropped below the yield on the two-year note earlier this morning - which is widely seen as an indicator of a recession.

Spot gold was up $16.90 or 1.13 percent at $1,517.80 per ounce after peaking at $1,520.24 earlier in the day. Gold futures climbed $14.85 or 0.98 percent to $1,528.95.

It had held steady at $1,501.64 per ounce earlier in the day after disappointing economic data from Germany and China.

The precious metal had reached a six-year high Tuesday on concerns over the trade dispute between the United States and China, although gold prices fell after the U.S. announced a delay in the imposition of additional tariffs on China.