Preoccupations about a sputtering global economic recovery and growth drove the market down and gold futures up Friday as investors sought a haven asset, Bloomberg reports.
Debt is saddling the U.S. and the euro zone. July saw the U.S. create 85,000 jobs, which did not reduce the unemployment rate below 9 percent. Reports indicated growth reduced its pace in manufacturing and service industries.
"Gold is supported on many fronts and we remain bullish," trader Yang Shandan of Cinda Futures told Bloomberg. "There's fear spreading across all markets."
At 6:46 a.m. on Friday, gold futures increased 0.60 percent, a $9.90 climb to $1,668.90 per troy ounce.
The Washington Post reports the economic recovery in the U.S. has hit a rough spot while Spain and Italy, two of Europe's largest economies, are liable to be snared by the sovereign debt crisis. Concerns about regression to recession are spreading as is concern that governments are unable to control spiraling economies.
From July 2010 to July 2011, consumer prices increased 6.4 percent in China, which spearheaded the recovery from the world's recession in 2009.
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