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Gold rises as U.S. dollar weakens

0 Comment(s)Print E-mail Xinhua, February 16, 2024
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CHICAGO, Feb. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. dollar weakened.

The most active gold contract for April delivery rose 10.60 U.S. dollars, or 0.53 percent, to close at 2,014.90 dollars per ounce.

The U.S. Commerce Department reported Thursday that U.S. retail sales tumbled 0.8 percent in January, down from a 0.4 percent gain in December and worse than the estimate for a 0.3 percent drop. The more than expected fall further supported gold.

Other economic data released on Thursday were mixed. The Federal Reserve reported that U.S. industrial production edged down 0.1 percent in January after recording no change in December.

The U.S. Labor Department reported that U.S. initial jobless claims fell to 212,000, a decrease of 8,000 from the previous week's revised level of 220,000.

The New York Fed's Empire State business conditions index, a gauge of manufacturing activity in the state, rebounded 41 points in February, but stayed below the breakeven rate at negative 2.4.

The Philadelphia Fed manufacturing index accelerated to a reading of 5.2 in February from negative 10.6 in January. Economists had expected a reading of negative 9. This was the first positive reading in the index since August.

Silver for March delivery rose 56.40 cents, or 2.52 percent, to close at 22.951 dollars per ounce. Platinum for April delivery rose 7.90 dollars, or 0.88 percent, to close at 905.20 dollars per ounce. Enditem

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