CHICAGO, Dec. 29 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Friday as U.S. Treasury bond yields rose.
The most active gold contract for February delivery fell 11.70 U.S. dollars, or 0.56 percent, to close at 2,071.80 dollars per ounce.
Gold extended correction but a consolidation is likely ahead due to thin trading activity.
Market analysts hold that gold still remains in a positive trajectory as the Federal Reserve is expected to start cutting interest rates from March 2024.
The Institute for Supply Management-Chicago's Chicago Business Barometer, also known as the Chicago purchasing managers' index (PMI), fell to 46.9 in December 2023 from 55.8 in November, well below market expectations of 51. The latest reading signaled that Chicago's economy returned to contraction in December after showing growth in November for the first time in 15 months.
Investors are awaiting the release of the U.S. manufacturing PMI from the Institute of Supply Management and the employment data for November next week.
Silver for March delivery fell 28.60 cents, or 1.17 percent, to close at 24.086 dollars per ounce. Platinum for April delivery fell 14.00 dollars, or 1.37 percent, to close at 1,009.20 dollars per ounce.
