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Gold Closes Lower Following U.S. GDP Data

M. Ali 24 June, 2021 9:24 pm Commodities, Market Update

Gold prices declined on Thursday, as the U.S. Dollar (USD) rebounded against major currencies, following the release of positive economic data.

Positive data also led to improved expectations for economic recovery, reducing demand for safe haven investments.

Gold futures for August delivery fell by $6.70, or 0.38%, to finish at $1,775.60 per ounce.

This marked the biggest daily drop for the yellow metal most active contract since June 17.

Earlier today, data by the U.S. Bureau of Economic Analysis showed that Real Gross Domestic Product (GDP) recorded a growth rate of 6.4% in the first quarter (Q1) of 2021.

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