Gold futures finished at their highest in over a year on Thursday, after briefly touching highs above $2,000 an ounce. “Gold continues to find support on the dips as it remains supported by falling interest rate expectations, a weakening U.S. dollar, some safe-haven demand, as well as strong physical demand from China,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. “On top of this, you have strong technical bullish momentum, which is helping to keep the downside limited for now.” Gold for June delivery GCM23 rose $13.20, or 0.7%, to settle at $1,997.70 an ounce on Comex. Based on the most-active contracts, prices, which touched an intraday high of $2,002.40, settled at their highest since March 10, 2022, according to FactSet data.
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