Gold futures surged on Wednesday on the back of the dollar weakened against a basket of few major currencies on some soft economic data from the US with gross domestic product declining much more than previously estimated in the first quarter. However, soft physical demand for the yellow metal capped the gains.
Gold futures for August delivery settled up $1.30 at $1,322.60 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold rose 0.2 percent at $1,319.85 an ounce.
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