Home » Gold closes at record, boosted by weak U.S. economic data – Wall Street Journal

Gold closes at record, boosted by weak U.S. economic data – Wall Street Journal

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Gold closes at record, boosted by weak U.S. economic data – Wall Street Journal

Gold futures soared to a record high on Friday, reaching $2,095.70 an ounce as weak U.S. economic data led to a decline in the dollar and U.S. Treasury yields. This surge in gold prices was driven by increased investment appeal in the precious metal.

The April delivery gold futures on the New York Mercantile Exchange rose by $41, or 2%, surpassing the previous record of $2,093.10 set in December of the previous year. Despite hitting an intraday high of $2,096.40, the price was slightly lower than the peak of $2,152.30 reached in December as well.

The market reaction to the weak economic data highlighted the ongoing market volatility and uncertainty surrounding the global economy. Investors turned to gold as a safe-haven asset, pushing prices to unprecedented levels.

The record-setting performance of gold futures on Friday signifies the continued interest in precious metals as a hedge against economic instability. The surge in gold prices reflects the ongoing market trends and investor sentiment in the current economic landscape.

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