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Gold Settles Lower by 0.6%

M. Ali 2 July, 2020 1:50 am Commodities, Market Update

Gold prices declined on Wednesday, giving up its highest level in about eight years, after positive economic data in the United States and news about a vaccine for the coronavirus disease (COVID-19) lowered demand for safe havens.

The price of spot gold fell by around 0.6% to $1,770 per ounce, after rising earlier as high as $1,788.96 per ounce, or its highest level since October 2012 according to Reuters.

Gold futures decreased by 1.1% to settle at $1,779.90 per ounce.

Manufacturing activity in the US recovered during June after data by the Institute for Supply Management (ISM) showed the purchasing managers’ index (PMI) for the sector increased to 52.6 in June, beating market forecasts.

Gold achieved an increase of 13% during the second quarter (Q2) of 2020.

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