Gold rises more than 1.5%

Gold price rose on increasing demand for safe-haven assets as global stock markets declined. A weaker U.S. dollar also supported gold. The U.S. dollar fell against other currencies after the weaker-than-expected U.S. economic data.

The U.S. Commerce Department released the producer price index figures on Friday. The U.S. producer price index fell 0.2% in December, in line with expectations, after a 0.3% rise in November.

On a yearly basis, the producer price index decreased 1.0% in December, in line with expectations, after a 1.1% fall in November.

In 2015 as whole, U.S. producer prices declined 1.0%, after a 0.9% rise in 2014.

The U.S. retail sales fell 0.1% in December, missing expectations for a flat reading, after a 0.4% gain in November. November's figure was revised up from a 0.2% increase.

The lower increase was mainly driven by a fall in sales at service stations, which dropped 1.1% in December.

The Federal Reserve released its industrial production report on Friday. The U.S. industrial production fell 0.4% in December, missing expectations for a 0.2% decrease, after a 0.9% decline in November. November's fall was the fastest drop since May 2009.

The drop was mainly driven by a fall in the mining output and utilities. Mining output plunged by 0.8% in December, while utilities production slid 2.0%.

These figures could mean that the Fed will delay its further interest rate hikes.

February futures for gold on the COMEX today climbed to 1090.50 dollars per ounce.