Gold extends gains as U.S. equities fall sharply

CHICAGO, march 22 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled higher on Friday as U.S. stocks fell sharply amid world growth fears.

Latest economic data from one of the major European economies, Germany, and the U.S. Federal Reserve's cautious outlook for the U.S. economy have led to concerns about global economic slowdown.

The purchasing managers' index (PMI) for Germany's manufacturing sector fell to 44.7 points from 47.6 points in march, the steepest decline since August 2012, according to the preliminary PMI index published on Friday.

Wall Street benchmarks fell notably amid the downbeat data. The Dow Jones Industrial Average slid more than one percent, the SP 500 and Nasdaq Composite Index also decreased significantly.

When equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

Meanwhile, a strengthening dollar curbed the rise of Gold.

The U.S. dollar index, which measures the greenback against six major peers, was up 0.37 percent to 96.71 as of 1727 GMT, shortly before Gold's settlement.

At the end of the session, the most active April Gold was up 5.00 U.S. dollars, or 0.38 percent, to close at 1,312.30 dollars per ounce. Silver for May delivery was down 3 cents, or 0.19 percent to close at 15.407 dollars per ounce. Platinum for April delivery was down 12.70 dollars, or 1.47 percent, to settle at 848.40 dollars per ounce. Enditem