Mon, 7 July
19.1 C
Yerevan
USD: 384.26 RUB: 4.88 EUR: 452.58 GEL: 141.37 GBP: 524.44

Gold above $1,400 for best close in over two weeks: Marketwatch

YEREVAN, May 31. /ARKA/. Gold futures on Thursday scored their highest settlement in more than two weeks as a weaker dollar, disappointing U.S. economic data and strong physical demand in Asia combined to lift prices above $1,400 an ounce.

A rise in gold holdings in the SPDR Gold Trust GLD +1.39% , the largest U.S. gold-backed exchange-traded fund, was also a key supportive factor for the metal, analysts said.

Gold for August delivery GCQ3 -0.19% rose $20.20, or 1.5%, to settle at $1,412 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest close for a most-active contract since May 14, according to FactSet data. On Wednesday, prices settled higher by $12.10, or 0.9%.

Weakness in the U.S. dollar DXY +0.37% , which lost significant ground against the euro EURUSD -0.52% , aided gold’s climb on Wednesday.

A fall in the greenback tends to provide support for dollar-denominated commodities such as gold, as it makes them less expensive for holders of other currencies to buy them.

“The greenback fell sharply after the first quarter GDP, [weekly] unemployment claims and pending home sales all disappointed expectations,” said Fawad Razaqzada, technical analyst at GFT Markets, in a daily note. “This helped to boost the appeal of gold and silver, which continue to attract solid demand in the physical market.”

July silver SIN3 -0.77% rose 24 cents, or 1.1%, to end at $22.69 an ounce. –0–

spot_img

POPULAR

Insurance market of Armenia is in embryonic state

Insurance market of Armenia is in embryonic state

Central Bank invalidated banking license of Ardshininvestbank due to its merger with Ardshinbank

The Board of the Central Bank of Armenia has revoked the banking license of Ardshininvestbank CJSC (formerly HSBC Bank Armenia CJSC) following its merger with Ardshinbank CJSC.

Average annual exchange rate of Armenian dram to US dollar  projected at 402 drams in 2025 – EDB

The value of the Armenian dram will decrease slightly in 2025, and its average annual exchange rate to the US dollar is projected at 402 drams in 2025, according to the Eurasian Development Bank’s (EDB)   macroeconomic forecast for 2025-2027.

Unibank’s “Haghtanak” branch serves clients from 9:30 am to 7:30 pm

Unibank branch “Haghtanak” has switched to a new operating mode - extended hours. Now clients can receive a full range of banking services from Monday to Friday - from 9:30 am to 7:30 pm.The branch is located at N94, 62 Komitas, Yerevan. 

Acba Bank donates amd 130 million to Military Insurance Fund (video)

Acba bank and other members of the financial group - ACBA Leasing and Amundi-ACBA - have donated more than AMD 130 million to Armenia's Military Insurance Fund in recent months, the press service of the bank reported

LATEST NEWS

spot_imgspot_imgspot_img