Soaring at the highest rate since March, Gold futures settled sharply higher on Thursday due to the boost in safe haven investment appeal of the bullion after US GDP readings contracted in the second quarter. The US GDP fell by 0.9%, after previous quarter’s 1.6% decline, indicating recession in the economy.
Gold futures for August surged by $31.20 or 1.81% to $1750.30 ounce on the Comex division of the New York Mercantile. While, spot gold was up 1.1% at $1,752.39 per ounce