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Gold futures rise amid weak manufacturing data

(Xinhua)    15:46, February 19, 2014
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CHICAGO, Feb. 18 -- Gold futures on the COMEX division of the New York Mercantile Exchange ended higher on Tuesday, amid weaker-than-expected data on manufacturing activity in the New York area, triggering concerns about U.S. economic recovery.

The most active gold contract for April delivery rose 5.8 U.S. dollars, or 0.44 percent, to settle at 1,324.4 dollars per ounce. Gold ended higher, overcoming the drag of profit-taking due to a weaker dollar and concerns over global economic growth.

The New York state manufacturing cooled off in February after scaling to a near two-year high in the prior month, data showed. The index fell to 4.5 in February from 12.5 in January. According to market analysts, the decline is probably explained by harsh weather that caused problems for the factory sector.

The World Gold Council report said that demand for gold fell 15 percent in the year 2013, in part due to large outflows from physically backed exchange-traded funds (ETFs). Market analysts predict that until ETF investors return in large numbers, gold could struggle to make further headway.

Silver for March delivery rose 47.7 cents, or 2.23 percent, to close at 21.898 dollars per ounce.

(Editor:WangXin、Gao Yinan)

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