Gold prices finished 1.7% higher on Thursday to reclaim a footing above the key $1,800 mark, as investors focused on the chances of the U.S. economy slipping into a recession. December gold closed up 1.7% to settle at $1,806.90 an ounce on Comex, the highest finish for the most-active contract since June 30, according to FactSet data. Demand for the precious metal was attributed to falling U.S. Treasury yields and the ICE US Dollar index [s:dxy] against a basket of rival currencies, factors that can make gold relatively more attractive to haven-seeking investors. Focus also was on Friday’s jobs report for July, as investors consider the odds of a pullback for the robust labor market, particularly as the Federal Reserve ramps up its fight against inflation at a four-decade high.
-Joy Wiltermuth
(END) Dow Jones Newswires
08-04-22 1343ET
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