Gold rises as U.S. dollar weakens

By Xu JingUnreguser

CHICAGO, May 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar index continued to fall.

The most active gold contract for June delivery rose 17.6 U.S. dollars, or 0.95 percent, to close at 1,865.4 dollars per ounce.

Economic data released on Tuesday also supported gold. U.S. Commerce Department reported that U.S. new home sales fell by 16.6 percent to a seasonally adjusted annual rate of 591,000 in April, the lowest rate since April 2020. The decline was far worse than analysts had projected.

The S&P Global flash U.S. services purchasing managers index (PMI) decreased to 53.5 in May from 55.6 in April, a four-month low and below the 55.0 consensus forecast from economists. The flash U.S. manufacturing PMI fell to 57.5 in May from 59.2 in April, matching economists' estimates of 57.4.

Silver for July delivery rose 34 cents, or 1.57 percent, to close at 22.063 dollars per ounce. Platinum for July delivery fell 7.4 dollars, or 0.78 percent, to close at 942.9 dollars per ounce.

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