After the disappointing economic data from the US, investors got out of riskier equities and into the safe haven of gold. The previous metal held onto healthy gains on Wednesday in late trade, as traders sought safety.

Spot gold was trading at 1538 US dollars and 40 cents an ounce at 7:55pm GMT, after earlier hitting its highest point since May 3rd. Benchmark August COMEX futures rose 6 dollars 40 cents to finish at some 1,543 dollars, after reaching its highest since May 2nd. Analysts say people are a bit afraid of the weak economy, especially after the dollar's sharp decline.

Spot silver was plunged nearly 37 dollars per ounce, while US July silver futures fell 4 percent in after-hours trade. Silver dropped over 20 percent in the month of May.

Go to Forum >>0 Comments