Gold closed up $31.7 due to safe-haven demand

Gold futures closed over $30 higher on Thursday (July 28), reflecting the fact that investors flocked to gold as a safe haven amid concerns about the U.S. recession.

  • Gold futures rose $31.7, or 1.82%, at $1,769.2 an ounce.
  • Silver futures were up $1.268, or 6.82%, at $19.868 an ounce.
  • The platinum contract was down 40 cents, or 0.05%, to close at $876.8 an ounce.
  • The palladium futures rose $75.80, or 3.8%, at $2,080.20 an ounce.

Investors are buying gold as a safe haven after the U.S. Commerce Department released its first estimate of GDP for the second quarter. According to this, GDP contracted by 0.9%, after falling by 1.6% in the first quarter.

The U.S. National Bureau of Economic Research (NBER) is the agency that measures the expansion or contraction of the U.S. economy. It takes into account many factors, including employment, consumption, industrial production, and personal income.

Gold futures also received a boost as investors softened their concerns about further rate hikes by the Fed. The Fed had signaled that it would scale back its rate hikes in the coming months.

Meanwhile, the Bureau of Labor Statistics announced that initial jobless claims fell by 5,000 last week to 256,000.

The number of Americans continuing to file for unemployment benefits fell by 25,000 to 1.359 million.

The Spot Market is Open

Friday, July 29, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.30
1,762.50
1,763.50
+5.70
+0.32%
1,753.00
1,764.80
Silver
11.30
20.11
20.22
+0.10
+0.50%
19.91
20.24
Platinum
11.30
891.00
901.00
+4.00
+0.45%
884.00
902.00
Palladium
11.20
2,012.00
2,162.00
+2.00
+0.10%
2,010.00
2,179.00
Rhodium
05.00
13,300.00
15,300.00
0.00
0.00%
13,300.00
15,300.00

Leave a Reply

Change Language
%d bloggers like this: