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Gold rises on weaker economic data

English.news.cn   2014-02-26 05:53:36

CHICAGO, Feb. 25 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose to a four-month high on weaker economic data Tuesday.

The most active gold contract for April delivery rose 4.7 U.S. dollars, or 0.35 percent, to settle at 1,342.7 dollars per ounce.

The Conference Board, a New York-based business research association, reported Tuesday that U.S. consumer confidence index fell to 78.1 in February from 79.4 in January. Meanwhile, S&P/Case- Shiller's composite index released Tuesday showed that U.S. home prices dropped 0.1 percent in December, a decline for two months in a row, with 11 of the 20 tracked cities posting decreases.

Uncertainty in Ukraine, Venezuela and Egypt, as well as expectation for weak economic data in the coming weeks also helped draw investors to gold.

Gold prices have been on rise in 13 out of the past 15 sessions.

Though market analysts still expected lower average gold price this year than that of last year, some have raised average gold price forecast for this year to 1,333 dollars per ounce from a previous estimate of 1,289 dollars.

Silver for March delivery dropped 8.8 cents, or 0.4 percent, to close at 21.963 dollars per ounce. Platinum for April delivery climbed 1.2 dollars, or 0.08 percent, to close at 1,442.6 dollars per ounce.

Editor: Mu Xuequan
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