Gold prices surged to crucial levels on Wednesday, boosted by safe-haven demand as a run of disappointing the US corporate and the earnings & financial data fuelled fears of a recession this year.

Softer Data on United States consumers’ confidence also indicated that spending has slowed this year, which has a negative impact on economic expansion.

As of 15:10 IST , spot gold was up to 2,000.80 dollar an ounce. While futures for gold were up 0.25 percent to 2,009.60 dollar.

US Recession Forecast

“Gold is attempting to regain its rightful position above the 2,000 dollar per ounce level

gold had suffered from monetary policy uncertainty and a strengthening dollar as market disagreed on when the Fed would stop raising interest rates.

Copper prices among industrial metals stabilised after recent declines as the likelihood of weakening economic growth suggested a weakened need for the red metal.