Gold rises as U.S. housing data boost confidence

08:25, March 24, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange ended higher on Tuesday, pushed by a stronger-than-estimated U.S. home sales in February. Sliver and platinum both rose.

The most active gold contract for April delivery rose 4.2 U.S. dollars, or 0.4 percent, to finish at 1,103.7 dollars per ounce.

Existing U.S. home sales fell less than expected in February, slowing to 0.6 percent in February from 7.2 percent in the previous month, according to a report released on Tuesday by the National Association of Realtors.

Gold initially went down amid worries that the agreement on a rescue package for debt-laden Greece would not be reached at the European Union summit this weak. But later the economic optimism caused by the housing report boosted investors' risk appetite and erased early losses in the session.

May silver rose 9.2 cents to 17.027 dollars per ounce. April platinum was up 7.2 dollars to 1,608.5 dollars an ounce.

Source: Xinhua
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