Gold edges higher amid weak economic data

2017-07-17 22:15:29 GMT2017-07-18 06:15:29(Beijing Time) Xinhua English

CHICAGO, July 17 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange continued to rise on Monday in response to weak manufacturing data and flat consumer prices.

The most active gold contract for August delivery rose 6.2 U.S. dollars, or 0.51 percent, to settle at 1,233.70 dollars per ounce.

The latest rise in the precious metal prices came after a softer manufacturing index released on Monday. The New York Fed's Empire State manufacturing index fell to a seasonally adjusted reading of 9.8 from 19.8 in June.

Official statistics also showed that the consumer price index, or cost of living, was unchanged in June. More importantly, the rate of inflation over the past 12 months slowed to 1.6 percent in June from 1.9 percent in May.

All these are believed to be providing insufficient support for the U.S. Federal Reserve to raise interest rates again later this year. As a result, the gold futures edged higher for the second consecutive session.

The Dow Jones Industrial Average went up 11.52 points, or 0.05 percent, to 21,649.26 as of 1746 GMT. The moderate rise in stocks could hardly curb the upward move of gold futures.

As for other precious metals, silver for September delivery rose 16.6 cents, or 1.04 percent, to close at 16.099 dollars per ounce. Platinum for October delivery went up 6.80 dollars, or 0.74 percent, to close at 930.30 dollars per ounce.

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