Gold rises as U.S. dollar weakens

By Xu JingUnreguser
  • World
  • Wednesday, 28 Feb 2024

CHICAGO, Feb. 27 (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 5.20 U.S. dollars, or 0.26 percent, to close at 2,044.10 dollars per ounce.

Gold also found some short covering.

Economic data released Tuesday were mixed. The Conference Board Consumer Confidence Index fell in February to 106.7, down from a revised level of 110.9 in January.

The U.S. Commerce Department reported that U.S. durable goods orders dove by 6.1 percent in January after falling by a revised 0.3 percent in December.

The S&P CoreLogic Case-Shiller 20-city house price index rose 0.2 percent in December compared to the previous month.

Investors are awaiting the gross domestic product to be released on Wednesday, and the personal consumption expenditures (PCE) inflation index on Thursday.

Silver for May delivery rose 2.20 cents, or 0.10 percent, to close at 22.757 dollars per ounce. Platinum for April delivery rose 15.90 dollars, or 1.80 percent, to close at 897.00 dollars per ounce.

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