Gold falls on disappointing manufacturing data
0 Comment(s)
Print
E-mail Xinhua, July 3, 2012
Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday, as weak U.S. and Chinese manufacturing data tempered traders' enthusiasm after Friday's rally.
The most active gold contract for August fell 6.5 dollars, or 0. 41 percent, to settle at 1,597.7 dollars per ounce.
Gold once again settled below 1,600 dollars an ounce on Monday, as traders stepped back and consolidated the rally of last session that had sent gold futures up over three percent.
The Institute for Supply Management's manufacturing index fell to 49.7 percent in June, down from the 53.5 percent reading notched in May. Meanwhile, HSBC's purchasing managers index for China fell to 48.2 in June from 48.4 in May.
A higher dollar also put pressure on gold on Monday, as it makes commodities more expensive for holders of other currencies.
Silver for September delivery fell 11.3 cents, or 0.41 percent, to close at 27.499 dollars per ounce. Platinum for October delivery rose 5.9 dollars, or 0.4 percent, to close at 1,458.3 dollars per ounce.
Go to Forum >>0 Comment(s)