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Gold rises on supportive U.S. data

08-16-2012 04:09 BJT

CHICAGO, Aug. 15 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday, as a positive report on U.S. industrial production lifted trading despite the impact of a higher U.S. dollar.

The most active gold contract for December delivery rose 4.2 dollars, or 0.26 percent, to settle at 1,606.6 dollars per ounce.

Gold broke a two-day losing streak and ended slightly higher this session, as traders reacted to a report from the U.S. Federal Reserve.

According to the Fed report, U.S. industrial production rose 0. 6 percent in July, up from the 0.1-percent monthly increases posted in May and June. The report also showed U.S. capacity utilization at its highest level since April 2008, with a 79.3- percent utilized capacity for July.

Gold traders seemed to be focused on the positive report and brushed off a reading from the central bank's New York branch, which showed a decline in that region's manufacturing. The New York Fed's Empire State manufacturing index posted a negative reading for the first time since last October.

Meanwhile, traders continued to eye the Fed for any possible economic stimulus measures that could be introduced at its next meeting in September.

The precious metal has recently traded in a tight range just above 1,600 dollars an ounce, as traders seem hesitant to move too far in either direction before more news comes from the central bank. Quantitative easing measures are a positive factor for gold, as the precious metal typically gains on fears of inflation.

Silver for September delivery rose 4.9 cents, or 0.18 percent, to close at 27.812 dollars per ounce. Platinum for October delivery declined 2.9 dollars, or 0.2 percent, to close at 1,396.2 dollars per ounce.



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Editor:James |Source: Xinhua

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