Gold Ends Higher on Eased Concerns over Europe’s Banking Sector

Gold futures gained on Thursday in reaction to eased tensions over the European banking sector. Moreover weak US economic data kept the greenback under pressure which eventually supported the commodities.

Gold futures contract for June delivery gained 0.1 percent or $1.30 to settle at $1,595.50 per ounce on the Comex division of the New York Mercantile Exchange. Analysts were of the opinions that gold has been under pressure in earlier sessions as investors are more convinced with the safe haven status of the greenback and the US Treasuries.

Traders were uncertain after the release of the latest US economic data as the weekly jobless claim in United States remained unchanged while the import prices also declined resulting in a wider trade deficit for the month of March. The US dollar also fell which further gave a boost to gold prices.

Analysts think that investors still have an improved perceptive confidence over the greenback however most the analysts kept their gold prices outlook for 6 months unchanged at $1,840 per ounce.

Among other metals, silver futures contract for July delivery fell 0.2 percent or $0.06 to settle at $29.18 per ounce while copper futures contract for the same month delivery surged 0.9 percent or $0.03 to settle at $3.69 per pound.

Platinum futures contract for July delivery slipped 0.4 percent or $5.40 to settle at $1,493.80 per ounce while palladium futures for June delivery advanced 0.3 percent or $1.70 to settle at $615.35 per ounce.


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