Crude Oil Insights Crude Price Outlook, Uncategorized Gold and Silver Price Update-Gold Advances Due to Weak US Economy Data

Gold and Silver Price Update-Gold Advances Due to Weak US Economy Data

Gold futures rose on the back of pessimism regarding the recovery of the US economy. Gold futures rose by 0.63 percent to USD $ 1542.40 an ounce.

The US unemployment rate rose in May to 9.1 percent from its previous figure of 9.0 percent. There is a growing belief that the US Federal Reserve shall continue to maintain the interest rate between 0 and 0.25 percent in order to bolster the US economy. This has resulted in the US Dollar depreciating against major currencies, and has increased the demand of gold as a safe-haven.

Silver futures declined by 0.03 percent to USD $ 36.191 an ounce.


 

 

Author: Usman