Gold futures climbed Thursday, marking their largest one-day percentage gain since March, while silver prices rallied by nearly 7% — the biggest daily rise in more than a year, according to Dow Jones Market Data. The U.S. GDP data has “re-affirmed my view that the [Federal Reserve] will have to slow down the pace of the hikes and potentially go in reverse in early 2023,” said Fawad Razaqzada, market analyst at City Index and FOREX.com. “Against this backdrop, gold should be able to find buyers on the dips, given how much it has fallen already this year.” August gold
rose $31.20, or 1.8%, to settle at $1,750.30 an ounce. September silver
ended at $19.868 an ounce, up 6.8%, or $1.27. The percentage climb for silver, which has significantly underperformed gold so far this year, was the biggest one-day rise since Feb. 2, 2021.