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

Xinhua, April 16, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday as the U.S. dollar continued retreat after a pair of economic data from the country showed weakness in the industrial and manufacturing sectors.

The most active gold contract for June delivery rose 8.7 U.S. dollars, or 0.73 percent, to settle at 1,201.30 dollars per ounce.

The Federal Reserve said on Wednesday that industrial production slid 0.6 percent in March after 0.1 percent gain in February. Analysts said that the figure, worse than expected, came as the largest decline since August 2012.

Meanwhile, the Empire State manufacturing index in April also fell to negative 1.19, another sign that the economy got off a stumbling start in 2015.

A declining dollar also gave a boost to the precious metal. Dragged down by the soft economic data, the U.S. dollar index lost 0.37 percent to 98.42 in midday trading. A weaker greenback will make dollar-denominated gold less expensive and therefore more attractive for investors.

Silver for May delivery added 11.8 cents, or 0.73 percent, to close at 16.279 dollars per ounce. Platinum for July delivery gained 2.9 dollars, or 0.25 percent, to close at 1,156.60 dollars per ounce. Endite