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1st LD Writethru: Gold up on weaker U.S. data

Xinhua, May 19, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose for a fifth straight session on Monday as weaker-than-expected U.S. data gave support to the precious metal.

The most active gold contract for June delivery rose 2.3 U.S. dollars, or 0.19 percent, to settle at 1,227.60 dollars per ounce. Analysts noted that this was the highest settlement since Feb. 10 this year.

Gold was given support as a report released by the National Association of Home Builders on Monday showed weakness in the housing sector as the Housing Market Index fell by 2 points, down to 54, after a reading of 56 in April.

Some analysts believe that this soft data will give the U.S. Federal Reserve a reason to hold off on raising interest rates for some time. Predictions were originally for a June increase in interest rates, but many traders now believe rates will be steady at near-zero until at least September.

Federal Reserve Bank of Chicago President Charles Evans reiterated Monday his take on the central bank's decision to increase interest rates. He also suggested the central bank should refrain from increasing the short-term rates in 2015. Analysts noted this report is also good for gold.

Investors are waiting for the central bank's meeting minutes scheduled on Wednesday, according to analysts.

Silver for July delivery gained 16.9 cents, or 0.96 percent, to close at 17.732 dollars per ounce. Platinum for July delivery added 9.4 dollars, or 0.80 percent, to close at 1,178.50 dollars per ounce. Endite