Gold posts best daily gain in a month on Thursday

gold-posts-best-daily-gain-in-a-month-on-thursday

Gold futures bounced on Thursday as a selloff in stocks continued after a string of disappointing retailer earnings kept investors on edge about the effects of inflation on the economy. Gold futures GC00, +1.32% GCM22, +1.32% rose $25.30, or 1.4%, to settle at $1,841.20 an ounce, the best daily percentage rise for the most-active contract since April 12, according to FactSet data. The dollar’s surge to about 20 year highs also pulled back on Thursday, with the ICE US Dollar index DXY, -1.01% off 1%. A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.

Source: Marketwatch

Related Posts