By Matt Whittaker
Dow Jones Newswires
NEW YORK-The future of gold and silver on Thursday extended their progress to close at record highs following the release of data showing that U.S. economic growth slowed, while prices of petrol and food increased.
metals have risen in 10 of the last 11 meetings, and the increases were due Thursday as investors sought a haven from inflation pressures and a safe place to keep your money after other data showed that applications benefit for unemployment insurance in the United States unexpectedly rose.
Gold and silver also rose due to the weakening of the dollar after Wednesday's statements President of the U.S. Federal Reserve, Ben Bernanke, on the low interest rates will remain a feature of American politics for an "extended period."
The gold contract for June delivery, the most active, rose U.S. $ 14.10, or 0.9%, to close at $ 1,531,20 per troy ounce on the Comex division of the New York Mercantile Exchange. The gold contract through May totaled U.S. $ 14.20, or 0.9% to a record level for a contract next month from U.S. $ 1530.80.
Silver posted another huge jump in price. The gold contract for May delivery, the most active, rose U.S. $ 1.562, or 3.4%, to close at a record U.S. $ 47.520 per troy ounce.
Investors continued to buy gold and silver on Thursday after the U.S. government reported that gross domestic product increased at an annual rate seasonally adjusted 1.8% in the first quarter, a sharp slowdown from the fourth quarter.
Meanwhile, precious metals shone as a haven investment after the government reported that the number of workers who filed applications for unemployment benefits rose unexpectedly last week, which is the latest sign that the labor market remains weak.
0 comments:
Post a Comment