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People's Daily Online>>China Business

Gold keeps rising as dollar slips

(Xinhua)

08:20, February 02, 2012

CHICAGO, Feb. 1 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange continued to rally on Wednesday, supported by a weaker dollar, stronger U.S. equity market and supportive Chinese purchasing managers' index data for January.

The most active gold contract for April delivery added 9.1 dollar, or 0.5 percent, to 1,749.5 dollars per ounce.

U.S. stocks got a boost on Wednesday, as reports showed that manufacturing in the U.S. grew in January at the fastest pace in seven months, a sign that the industry would lead the U.S. expansion early this year.

Meanwhile, a report showed that the Chinese purchasing managers ' index increased to 50.5 last month from 50.3 in December, an indication that the world's second-biggest economy withstood weaker exports driven by Europe's debt crisis.

The dollar Index, which tracks the U.S. currency against those of six trading partners, fell 0.6 percent, snapping a two-day advance amid positive market sentiment

Gold received some support as a weaker greenback is a positive for dollar-denominated commodities as it makes them less expensive to holders of other currencies.

Silver for March delivery went up 54.5 cents, or 1.6 percent, to 33.807 dollars per ounce.

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