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07-Sep2016

Gold futures end higher on weak US economic data

Gold futures ended higher on Tuesday as disappointing US economic data reinforced speculation in the market that the Federal Reserve will not raise interest rates at its September 20-21 policy meeting. The Institute for Supply Management reported that its nonmanufacturing index fell to 51.4 last month from 55.5 in July - the slowest pace of growth since 2010. Yellow metal prices further strengthened as the dollar weakened against a basket of major currencies.

Gold futures for December delivery gained $27.30 or 2.1 percent to settle at $1,354 an ounce on the Comex division of the New York Mercantile Exchange. While, spot gold was up 1.73 percent to $1,349.29 an ounce.

 


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