Editor’s Note
This article reports on a rise in precious metal prices, notably spot gold surpassing $5,107, following weaker-than-expected U.S. GDP data.
Precious Metal Prices Rise
Precious metal prices increased, with spot gold closing above $5,107.
Market Drivers
The rise in precious metal prices followed the release of US GDP data for the previous quarter, which fell significantly short of market expectations.
Closing Prices
New York gold futures closed at $5,080.9 per ounce, up $83.5 or 1.6%.
New York silver futures closed at $82.343 per ounce, up $4.709 or 6%.
Spot gold closed above $5,107, rising over 2.2%. Silver prices closed near $85, surging nearly 8%.
Analyst View
“Although recent gold price volatility has increased and the pace of central bank gold purchases has slowed, investment bank Goldman Sachs believes this situation may be temporary, as the gold allocation ratios of major emerging market central banks remain far below their target levels.”