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18-Apr2017

Gold futures end higher on weaker dollar

Gold futures ended higher on Monday as the dollar slipped against a basket of major currencies on the back of tensions between the US and North Korea, helping the precious metal to hold ground at its highest level in more than five months. Meanwhile, downbeat US manufacturing data also boosted gold's appeal. The New York Fed reported that its general business conditions index tumbled to 5.2 in April after dipping to 16.4 in March, although a positive reading still indicates growth. Economists had expected the index to edge down to 15.0. The bigger than expected drop by the headline index came amid a notable slowdown in new orders growth, as the new orders index plunged to 7.0 in April after jumping to a multi-year high of 21.3 in March.

Gold futures for June delivery gained $3.40 or 0.3 percent, to settle at $1,291.90 an ounce on the Comex division of the New York Mercantile. While, spot gold was up 0.05 percent at $1,285.86 an ounce.



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