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Gold climbs on war worries, and stocks shake off early loss

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Gold touched its highest price in nearly seven years Monday as investors sought safety amid worries that rising U.S.

Stocks in Asia and Europe retreated as dollars flowed out of riskier investments, but the U.S. market shook off its morning losses to grind out a modest gain. After dropping 0.6% as soon as trading opened, the S&P 500 pushed steadily higher through the day and ended up recovering half its sharp loss from Friday.

Gold has historically performed well around past military conflicts, such as the two Persian Gulf wars and the Sept. 11, 2001, attacks, even after taking into account interest rates and the dollar’s movements, according to Goldman Sachs commodities analysts. Healthy gains for Amazon, Apple, Facebook and Google’s parent company, Alphabet, also helped lift the market.

 

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