Gold surges on macroeconomic factors

Gold prices are growing on the last working day of the month on macroeconomic factors, which raise its attractiveness as a safe haven.

Report informs, citing auction data, that the August futures for gold at New York's Comex rose by $14 or 0.8%, to $1,764.3 per troy ounce. The September futures for silver grew 3.26% reaching $20.172 per troy ounce.

Gold's 'shield' value is buoyed by high global inflation and the onset of recession in the US economy, as the US Department of State said in its preliminary assessment. The reports on decline in the US gross domestic product also weakened the dollar, which adds to optimism about the value of commodity exchange assets, which include precious metals.