Gold futures concluded on a positive note on Thursday, April 25, propelled by a weakening dollar and subdued economic data from the United States, which saw gross domestic product (GDP) figures expanding at their slowest pace in nearly two years. Investors turned to gold as a safe-haven asset, seeking to mitigate risk amidst market uncertainties.
Gold futures surged by $4.10, or 0.18%, settling at $2,342.50 per ounce, while silver futures edged up by 1.1 cent, or 0.04%, closing at $27.633 per ounce. Platinum futures also saw gains, rising by $4.70, or 0.51%, to reach $920.50 per ounce. However, palladium futures experienced a decline, dropping by $26.30, or 2.61%, to close at $982.00 per ounce.
The weakening of the dollar played a pivotal role in bolstering the gold market, with the dollar index, which measures the greenback against six major currencies, sliding by 0.24% to 105.598. A declining dollar enhances the appeal of gold contracts priced in dollars to investors holding other currencies, thereby stimulating demand for the precious metal.
Furthermore, concerns over the health of the US economy spurred heightened interest in gold as a safe-haven asset. Data released by the US Department of Commerce revealed that GDP figures for the first quarter of 2024 expanded by a mere 1.6%, falling short of analysts’ expectations of 2.4%. This lackluster growth, marked as the lowest expansion rate in nearly two years, underscored uncertainties surrounding economic recovery, prompting investors to seek refuge in gold.
As geopolitical tensions persist and economic indicators fluctuate, gold’s role as a hedge against risk remains prominent in the investment landscape. Market participants continue to monitor developments closely, weighing various factors influencing gold prices and navigating market volatility with caution.
The Spot Market is Open
Friday, April 26, 2024
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 07.10 | 2,329.90 2,330.90 | -1.60 -0.07% | 2,311.60 2,345.80 |
| Silver 07.10 | 27.32 27.42 | -0.06 -0.24% | 27.00 27.64 |
| Platinum 07.10 | 916.00 926.00 | +2.00 +0.22% | 894.00 927.00 |
| Rhodium 07.10 | 970.00 1,010.00 | +2.00 +0.21% | 956.00 1,034.00 |
| Rhodium 05.00 | 4,475.00 5,275.00 | 0.00 0.00% | 4,450.00 5,300.00 |