Mon, 28 July
29.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

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

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

LATEST NEWS

spot_imgspot_imgspot_img