Gold Closes at Six-Week High

Gold prices rose on Thursday to their highest level in about six weeks as the U.S. Dollar (USD) plunged amid expectations of a rise in inflation.

In addition, a decline in the benchmark U.S. 10-year Treasury bond yields contributed to the yellow metal gains.

Gold futures for June ended rose by $16.60, or 1%, to settle at $1,758.20 per ounce.

This marked the highest closing level for gold’s most active contracts since February 25.

Meanwhile, silver futures for May delivery increased by 1.3% and finished at $25.590 per ounce.