Open Demo Account
Home / Market Update / Commodities / Gold Closes Lower Following U.S. GDP Data

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.

Tags

Check Also

Japanese Yen Slides Toward 40-Year Lows as Markets Doubt Immediate Government Action

The Japanese Yen came under renewed selling pressure at the start of the week, pushing …

This site contains information and opinions for the purpose of providing only general information and can not be relied upon. The information and opinions contained in this Site shall in no way constitute an offer or solicitation to buy, sell or subscribe to any investment product. Users of this site shall bear any risks arising from the use of any information, opinion, program, service or material. Noor Trends reserves the right to make any change to the Site, the information, opinions, materials, products, programs, services or prices (if any) at any time without notice.
All copyrights reserved Noor Trends