Gold futures bounced on Thursday as a selloff in stocks continued after a string of disappointing retailer earnings kept investors on edge about the effects of inflation on the economy. Gold futures (NYM:GC00) rose $25.30, or 1.4%, to settle at $1,841.20 an ounce, the best daily percentage rise for the most-active contract since April 12, according to FactSet data. The dollar's surge to about 20 year highs also pulled back on Thursday, with the ICE US Dollar index (IFUS:DXY) off 1%. A stronger dollar can be a negative for commodities priced in the unit, making them more expensive to users of other currencies.
May 19, 2022, 1:38 p.m. EDT