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Gold rises on weaker U.S. dollar

CHICAGO
2022-08-24 02:43

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CHICAGO, Aug. 23 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.

The most active gold contract for December delivery rose 12.8 U.S. dollars, or 0.73 percent, to close at 1,761.2 dollars per ounce.

Gold may trade in volatility this week as investors wait for Federal Reserve Chairman Jerome Powell's speech at the Federal Reserve's annual economic symposium in Jackson Hole, Wyoming on Friday.

Economic data released Tuesday also supported gold. The S&P Global Flash U.S. manufacturing purchasing managers index (PMI) came in at 51.3 in August, down from 52.2 in July and signaling subdued operating conditions across the manufacturing sector.

The S&P Global Flash U.S. Services Business Activity Index posted 44.1 in August, down from 47.3 in July and indicating a further reduction in overall services activity.

U.S. Commerce Department reported that U.S. new home sales fell 12.6 percent in July compared with the previous month to a seasonally adjusted annual rate of 511,000.

Silver for September delivery rose 14.8 cents, or 0.78 percent, to close at 19.026 dollars per ounce. Platinum for October delivery rose 8.4 dollars, or 0.97 percent, to close at 876.4 dollars per ounce.
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