Gold futures marked their highest settlement in more than a week on Wednesday as a U.S. report on home sales fueled nervousness in financial markets, driving investors out of assets viewed as risky, like stocks, and into those perceived as safe.
April gold climbed $16.50, or 1.4%, to settle at $1,239.10 an ounce. The settlement was the highest since Feb. 12. Prices, which rose 1% Tuesday, touched an intraday high of $1,254.30.
Gold extended its gains after the Commerce Department showed a 9% decline in new homes sales in January, adding to concerns about the U.S. economy.
March silver also got a bounce from a flight to haven assets, adding 5.7 cents, or 0.4%, to $15.297 an ounce.