Gold prices nearly touched $1,830 an ounce Thursday on concerns over the health of the global economy and after Venezuela said it plans to nationalize its gold mining industry.

SPDR Gold Shares (NYSEArca: GLD), which holds assets of $74.6 billion, rose 1.5% and recorded a new 52-week high.

“Investors are running scared into gold because of the persistent problems and recession-like performances in Europe and United States,” said Jeffery Nichols, senior economic adviser at Rosland Capital, in a CNNMoney report.

Morgan Stanley lowered its global economic forecast and cautioned the U.S. and Europe are close to a recession.

In U.S. economic data, the Philly Fed said its manufacturing index plunged in August, while data on inflation was hotter than expected.

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