Gold rises on weaker U.S. dollar

By Xu JingUnreguser

CHICAGO, Jan. 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as the U.S. dollar weakened.

The most active gold contract for April delivery rose 6.1 U.S. dollars, or 0.31 percent, to close at 1,945.3 dollars per ounce.

Gold gained more than 6 percent for January, a third consecutive monthly gain.

Economic data released Tuesday also supported gold. The U.S. Labor Department reported that the U.S. employment cost index, a barometer the Federal Reserve watches for inflation signs, increased 1 percent in the fourth quarter of 2022, a bit below the 1.1 percent expectation and less than the 1.2-percent reading in the third quarter. The reading was also the lowest quarterly gain in a year.

The S&P CoreLogic Case-Shiller 20-city price index fell a seasonally adjusted 0.5 percent in November, marking the fifth consecutive monthly decline.

The Institute of Supply Management Chicago Business Barometer decreased to 44.3 in January from a revised 45.1 in December, missing the 45.3 consensus forecast from economists.

The Conference Board consumer confidence index fell to 107.1 in January from upwardly revised 109.0 in December.

Silver for March delivery rose 10.3 cents, or 0.43 percent, to close at 23.836 dollars per ounce. Platinum for April delivery rose 0.5 dollars, or 0.05 percent, to close at 1,021.1 dollars per ounce.

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