Xinhua, Chicago :
Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as the precious metal was boosted by economic worries and weakness in the U.S. dollar.
The most active gold contract for December delivery was up 4.5 U.S. dollars, or 0.29 percent, to close at 1,560.4 dollars per ounce.
The U.S. dollar index, which measures the buck against six rivals, went down 0.51 percent to 98.5 as of 1730 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.
As for economical data, a gauge of U.S. manufacturing from the Institute for Supply Management (ISM) showed the sector contracted in August.
The U.S. manufacturing PMI (purchasing managers’ index) registered 49.1 percent, a decrease of 2.1 percentage points from the July reading, according to the Manufacturing ISM Report On Business released on Tuesday.
As for other precious metals, silver for December delivery was up 31 cents, or 1.61 percent to close at 19.547 dollars per ounce. Platinum for October delivery was up 28.6 dollars, or 2.99 percent, to settle at 984.2 dollars per ounce.
Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as the precious metal was boosted by economic worries and weakness in the U.S. dollar.
The most active gold contract for December delivery was up 4.5 U.S. dollars, or 0.29 percent, to close at 1,560.4 dollars per ounce.
The U.S. dollar index, which measures the buck against six rivals, went down 0.51 percent to 98.5 as of 1730 GMT.
Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.
As for economical data, a gauge of U.S. manufacturing from the Institute for Supply Management (ISM) showed the sector contracted in August.
The U.S. manufacturing PMI (purchasing managers’ index) registered 49.1 percent, a decrease of 2.1 percentage points from the July reading, according to the Manufacturing ISM Report On Business released on Tuesday.
As for other precious metals, silver for December delivery was up 31 cents, or 1.61 percent to close at 19.547 dollars per ounce. Platinum for October delivery was up 28.6 dollars, or 2.99 percent, to settle at 984.2 dollars per ounce.
