Open Demo Account
Home / Market Update / Commodities / Gold Settles Lower by 0.6%

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.

Tags

Check Also

Gold’s Resilience Ahead of Jackson Hole: A Pivotal Moment for Monetary Policy

Gold prices have held firm amid mounting anticipation for the Federal Reserve’s Jackson Hole symposium, …

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