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Gold rises on slowed economic growth

Tan KW
Publish date: Tue, 06 Jun 2023, 08:32 AM
Tan KW
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CHICAGO, June 5 -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday on slowed economic growth.

The most active gold contract for August delivery rose 4.70 U.S. dollars, or 0.24 percent, to close at 1,974.30 dollars per ounce.

The Institute for Supply Management reported Monday that its services purchasing managers' index (PMI) fell to 50.3 in May from 51.9 in April, lending support to gold.

The Federal Reserve is due to announce its latest monetary policy decision next Wednesday. Market expects the central bank to pause its recent series of interest rate hikes at the June meeting.

The seasonally adjusted final S&P Global U.S. Services PMI Business Activity Index registered 54.9 in May, up from 53.6 in April and broadly in line with the earlier released 'flash' estimate of 55.1.

The U.S. Commerce Department reported Monday that U.S. orders for manufactured goods rose 0.4 percent in April. Economists were expecting a 0.6-percent rise.

Silver for July delivery fell 11.20 cents, or 0.47 percent, to close at 23.635 dollars per ounce. Platinum for July delivery rose 32.90 dollars, or 3.28 percent, to close at 1,036.40 dollars per ounce.


  - Xinhua


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