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1st LD Writethru: Gold up prior release of U.S. economic data

Xinhua, May 5, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose Monday ahead of the release of U.S. economic data.

The most active gold contract for June delivery surged 12.3 U.S. dollars, or 1.05 percent, to settle at 1,186.80 dollars per ounce.

Investors moved their positions and gave upward momentum to the precious metal ahead of several U.S. data, including the key non- farm payrolls data for April. The international trade report and the ADP employment report are due out Tuesday and Wednesday, respectively. Jobless claims are due out Thursday and the larger employment situation report is due on Friday.

These reports are likely to be closely watched as investors are looking to see what direction the U.S. economy is heading given a potential interest rate increase by the U.S. central bank, the Federal Reserve. The Fed could raise interest rates as early as June, according to analysts.

In March, new orders for manufactured goods increased 9.6 billion U.S. dollars, or 2.1 percent month on month, to 476.5 billion dollars, the U.S. Commerce Department said in a report Monday. The analysts noted this is less than expected, which range from 1.4 percent to 3.6 percent.

Silver for July delivery fell 30.6 cents, or 1.90 percent, to close at 16.441 dollars per ounce. Platinum for July delivery added 21.2 dollars, or 1.88 percent, to close at 1,150.90 dollars per ounce. Endite