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Indian-Commodity  :  Commodities  :  Gold, Silver & Bullion  :  Gold futures end higher on weak US economic data

Gold futures end higher on weak US economic data (07-Sep-2016)

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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