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Gold up on weak US data

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Chicago, Aug 18 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange rose on weaker US data.

The most active gold contract for December delivery rose $5.7, or 0.51 percent, to settle at 1,118.40 dollars per ounce on Monday, Xinhua reported.

Gold was given support as a report released by the New York Fed showed unexpected weakness in the New York state manufacturing sector, also known as the Empire State sector.

The Empire State index fell to negative 14.92 in August, compared to positive 3.86 in July. Analysts said that the new orders measure is leading the weakness, and is at its lowest level since November 2010.

Gold was prevented from rising even further by a stronger US dollar. The US Dollar Index rose by 0.19 to 96.79.

The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes up, gold futures will fall as gold, measured by the dollar, becomes more expensive for investors.

Silver for September delivery rose 8.5 cents, or 0.56 percent, to close at 15.298 dollars per ounce. Platinum for October delivery added $6.7, or 0.67 percent, to close at 1,000.70 dollars per ounce.

 

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