Gold futures settled at their highest on record Friday, as weakness in some U.S. economic data helped pull the dollar and Treasury yields lower, boosting the precious metal’s investment appeal. The “golden rally” witnessed Friday ”isn’t just a flash in the pan, it’s the main course in a feast of market dynamics, seasoned with a dash of uncertainty and a pinch of speculation,” said Adam Koos, president at Libertas Wealth management Group.
At the heart of this ascent to a record settlement is a “complex recipe” made of U.S. economic data, the “fluctuating” fortunes of the dollar, the “ebb and flow” of bond yields and the Federal Reserve’s monetary maneuvers, Koos told MarketWatch. Each of these ingredients adds its own ”unique flavor to the pot.” Gold for April delivery
GCJ24,
+1.92%
GC00,
+1.92%
climbed $41, or 2%, to settle at a record $2,095.70 an ounce on Comex on Friday. The day’s settlement topped the previous record high for a most-active contract from Dec. 27 at $2,093.10, according to Dow Jones Market Data.
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At the heart of this ascent to a record settlement is a “complex recipe” made of U.S. economic data, the “fluctuating” fortunes of the dollar, the “ebb and flow” of bond yields and the Federal Reserve’s monetary maneuvers, Koos told MarketWatch. Each of these ingredients adds its own ”unique flavor to the pot.” Gold for April delivery
GCJ24,
+1.92%
GC00,
+1.92%
climbed $41, or 2%, to settle at a record $2,095.70 an ounce on Comex on Friday. The day’s settlement topped the previous record high for a most-active contract from Dec. 27 at $2,093.10, according to Dow Jones Market Data.
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