Gold rises as dollar falls after weak US data

File Reuters

UNITED STATES (VOP TODAY NEWS) — Gold prices rose on Tuesday, hovering near the week’s high of more than a week, as the dollar weakened on weak economic data.

Spot gold rose 0.2 percent to $ 1299.34 an ounce by 0534 GMT, after hitting a 28-year high of $ 1303.61 in the previous session.

Gold futures in the US rose 0.1 percent to $ 1303.20 an ounce.

China, the world’s largest gold consumer, raised gold reserves by 0.6 percent to 60.62 million ounces at the end of March, according to central bank data.

According to IMF data, Turkey also raised its gold holdings in March.

The dollar slipped after weak economic data from the US making gold cheaper for investors holding other currencies. The dollar hit its biggest daily decline in terms of percentage since March 20 in the previous session.

Data on Monday showed orders for manufactured goods in the United States fell slightly in February and that the manufacturing sector slowed amid an increase in inventories.

For other precious metals, platinum fell 0.3 percent to $ 902.56 an ounce, having hit its highest level since the end of May 2018 in the previous session.

Palladium lost 0.6 percent to $ 1375.70 an ounce, while silver settled at $ 15.25 an ounce.

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