CHICAGO, Oct. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose Thursday to close at their highest in five weeks, as a gauge of manufacturing in China climbed to a seven-month high in October.
The most active gold contract for December delivery rose 16.3 dollars, or 1.22 percent, to settle at 1,350.3 dollars per ounce, its highest close since Sept. 19, according to FactSet data.
Chinese manufacturing data pointed to a solid economic recovery in the country, which, according to market analysts, is perceived as positive for gold market demand, given that China is one of the biggest consumers of physical gold.
China's manufacturing is extending its rebound into October, according to a preliminary reading of the sector released Thursday by HSBC. The flash reading of China's manufacturing Purchasing Managers' Index (PMI) in October rose to a seven-month high of 50. 9, up from September's final reading of 50.2.
In addition, weakness in the U.S. dollar also contributed to gold's gains on the day. Silver for December delivery rose 20.5 cents, or 0.91 percent, to 22.822 dollars per ounce.