Gold Jumps $37 as Economic Recovery Appears Distant

Taarek Refaat

Gold prices rose more than $ 37 when settling trading on Thursday, as bleak data raises doubts about the global economic recovery.

The precious metal received support from the gloomy economic data, which raised doubts about the global economic recovery, despite the easing by some countries of closure restrictions.

Economic data revealed that jobless claims in the United States reached more than 33 million applications in the last 7 weeks.

Labor productivity in the United States fell more frequently in about 5 years during the first quarter of this year. The yellow metal strengthened its gains strongly before the settlement with the US dollar turned bearish during trading.

On the other hand, investors are closely watching developments surrounding tensions between the United States and China after President Donald Trump threatened new tariffs on Beijing due to the Corona epidemic.

Gold is considered a safe haven during crises or in the event of economic, political and geopolitical uncertainty. Upon settlement, the price of gold metal futures for June delivery rose by 2.2% or $ 37.30 to $ 1725.80 an ounce.

The spot delivery price of the yellow metal rose 1.9% or $ 33 to $ 1718.52 an ounce. During the same time, the main index for the dollar, which measures the performance of the green currency, against 6 major currencies, dropped by 0.22% at the level of 99.849.