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1st LD Writethru: Gold up on weak stocks, despite positive data

Xinhua, March 25, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as U. S. equities gave up modest gains and dipped into red despite generally positive economic data.

The most active gold contract for April delivery rose 3.7 U.S. dollars, or 0.31 percent, to settle at 1,191.40 dollars per ounce.

The precious metal was given support as U.S. equities weakened. Some analysts cited market differences over the timing of the Fed rate increase, with some believing it will still happen during the summer, while others saying September is more likely. An increase in the U.S. interest rate would dampen support for gold as the precious metal is not an interest-bearing asset.

The U.S. Department of Labor said on Tuesday that the Consumer Price Index increasing by 0.2 percent in February after declining 0.7 percent in January. The increase, the first time in four months, is a positive sign for the U.S. economy, putting gold under pressure.

Another positive report from the National Association of Realtors also weigh on the market. New home sales increased in February to a better-than-expected 539,000 annual rate, the report said. It also revised up the January figure to 500,000 from 481, 000, the highest readings since 2008.

Silver for May delivery rose 9.2 cents, or 0.54 percent, to close at 16.983 dollars per ounce. Platinum for April delivery fell 3 dollars, or 0.26 percent, to close at 1,141.50 dollars per ounce. Endite