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Gold futures rise on weakened greenback amid disappointing PMI

2019-01-08 09:03

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Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Monday, with prices getting a boost as downbeat U.S. Institute for Supply Management non manufacturing data helped pressure the dollar.

The most active gold contract for February delivery rose 4.10 dollars, or 0.32 percent, to settle at 1,289.90 dollars per ounce.

Data on Monday showed that activity at service-oriented U.S. firms grew in December at the slowest pace since midsummer. The non manufacturing index issued by the Institute for Supply Management fell to 57.6 last month from 60.7 in November.

The U.S. dollar index, which measures the buck against six rivals, went down 0.57 percent to 95.65 as of 1815 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for March delivery was down 3 cents, or 0.19 percent, to settle at 15.756 dollars per ounce. Platinum for April delivery went down 2.9 dollars, or 0.35 percent, to close at 824.30 dollars per ounce.
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