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1st LD Writethru: Gold rebounds on weak U.S. data, dollar

Xinhua, April 2, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded on Wednesday as the U.S. dollar dipped after soft U.S. private sector job data, combined with another downtick in the ISM Manufacturing survey, spurred concerns about weakness in the economy.

The most active gold contract for June delivery rose 25 U.S. dollars, or 2.11 percent, to settle at 1,208.20 dollars per ounce.

Private sector employment added 189,000 jobs from February to March, well below expectations for a modest rise to around 225,000, according to the March ADP National Employment Report Wednesday.

Meanwhile, another report from the U.S.-based Institute for Supply Management (ISM) showed manufacturing activity expanded at a slower pace in March. Dragged by much-weaker-than-expected exports, the ISM's manufacturing index fell by 1.4 points to 51.5, missing expectations.

The report also showed that the employment sub-index moved from expansion to unchanged, remaining at 50.0. Analysts said this is the lowest reading since May 2013.

The soft economic data prompted concerns that the monthly U.S. jobs report due on Friday could indicated slowing economic growth, dragging down the U.S. dollar. The U.S. dollar index fell by 0.25 percent to 98.14 on Wednesday at 5:48 p.m. GMT. The eased greenback gave some support for gold.

Silver for May delivery rose 46.1 cents, or 2.78 percent, to close at 17.059 dollars per ounce. Platinum for July delivery added 22.6 dollars, or 1.98 percent, to close at 1,166.00 dollars per ounce. Endite