CHICAGO, March 1 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday as the U.S. dollar and Treasury yields fell.

The most active gold contract for April delivery rose 41.00 U.S. dollars, or 2.00 percent, to close at 2,095.70 dollars per ounce.

In an interview with CNBC, Richmond Federal Reserve President Thomas Barkin said Friday that price increase pressures still exist in the U.S. economy and it is too soon to predict when the Federal Reserve will be able to begin to cut its benchmark interest rate.

"I'm still hopeful inflation is going to come down and if inflation normalizes then it makes the case for why you want to normalize rates, but to me it starts with inflation," Barkin said.

"Balance sheet plans are about getting liquidity levels right," Fed Governor Chris Waller said Friday at a monetary policy conference held by the Clark Center for Global Markets at the University of Chicago's Booth School of Business. "They do not imply anything about the stance of interest rate policy, which is focused on influencing the macro-economy and achieving our dual mandate."

Economic data released on Friday were mixed. The seasonally adjusted S&P Global U.S. Manufacturing Purchasing Managers' Index (PMI) posted 52.2 in February, up from 50.7 in January and higher than the earlier released flash estimate of 51.5.

The Institute for Supply Management's Manufacturing PMI registered 47.8 percent in February, down 1.3 percentage points from the 49.1 percent recorded in January.

The Consumer Sentiment Index released Friday by the University of Michigan (UM) Surveys of Consumers fell to 76.9 in the February 2024 survey, down from 79.0 in January and above last February's 66.9.

U.S. February jobs report will be released Friday next week.

Silver for May delivery rose 47.90 cents, or 2.09 percent, to close at 23.364 dollars per ounce. Platinum for April delivery rose 4.00 dollars, or 0.45 percent, to close at 888.00 dollars per ounce. Enditem

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