Gold falls on stronger U.S. data


By Xu JingUnreguser

CHICAGO, June 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Monday as U.S. economic data came in better than expected.

The most active gold contract for August delivery fell 5.5 U.S. dollars, or 0.3 percent, to close at 1,824.8 dollars per ounce.

U.S. Commerce Department reported Monday that U.S. durable goods orders rose 0.7 percent in May, the seventh increase in the past eight months and better than the expected 0.1 percent increase.

The National Association of Realtors reported that U.S. pending home sales broke a six-month skid with a slight rise of 0.7 percent in May.

U.S. President Joe Biden tweeted on Sunday that the Group of Seven (G7) would ban the import of Russian gold. Market analysts hold that as Russian gold has already been barred from trading in London by the London Bullion Market Association, the G7 ban would be largely symbolic.

Silver for July delivery rose 4.30 cents, or 0.2 percent, to close at 21.168 dollars per ounce. Platinum for July delivery rose 40 cents, or 0.04 percent, to close at 904.1 dollars per ounce.

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