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Gold Futures Log Another Daily Rise to Four-Month High

M. Ali 20 May, 2021 2:28 am Commodities, Market Update

Gold prices increased on Wednesday, extending their gains to reach a fresh level that is the highest in four months, and logging its fifth consecutive daily rise.

The yellow metal gains come before the release of the United States Federal Reserve’s April meeting minutes.

Gold is gaining ground on the back of a decline by stock markets, amid inflation concerns and increased demand for safe haven assets.

Gold futures for June delivery added $13.50, or 0.7%, to finish at $1,881.50 per ounce, limiting its gains after rising above $1,891 earlier in the session. This marked the highest closing level for the precious metal futures since January 7.

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