Gold prices rose on Tuesday as signs of weakening economic activity

Gold prices rose on Tuesday as signs of weakening economic activity from across the globe drove even more demand for the safe haven. Copper prices extended losses into its third consecutive day.

As of 2045 EST (1244 GMT), spot gold prices rose nearly 0.4% to $1,778.59 an ounce- which peaks at their highest level in nearly a month. Gold Futures expiring in December were trading up more than 0.4%, and were close to breaking above $1,800.

Gold has received a significant boost in demand over the past few sessions, gaining four out of the last five amid worsening economic conditions.

Weak US GDP data boosted safe-haven gold buying last week, with an unexpected contraction in Chinese factory activity boosting the precious metal’s case on Monday. Gold price at the beginning of the week increased by 0.6%.

Manufacturing readings from the United States and the Eurozone also disappointed markets, increasing concerns over slowing economic growth.