Latest News:  


Gold stands above 1,400 dollars per ounce on weak dollar


08:31, June 04, 2013

CHICAGO, June 3 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange climbed back above 1, 400 dollars per dollar Monday on a weaker dollar following weak Institute of Supply Management (ISM) index.

The most active gold contract for August delivery rose 18.9 dollars, or 1.36 percent, to settle at 1,411.9 dollars per ounce.

Dollar fell against other major currencies Monday after ISM index for May fell to 49 from 50.7 in April, marking the first contraction since November and the lowest reading since June 2009. Readings under 50 indicate more manufacturers are shrinking instead of growing.

Conflicting data on China's manufacturing industry also supported gold. HSBC China manufacturing Purchasing Managers' Index (PMI) released Monday fell to 49.2 in May from 50.4 in April. The figure contradicts with the manufacturing PMI published by the Chinese Government Saturday, which rose to 50.8 in May from 50.6 in April. Meanwhile, manufacturing PMI in the euro zone climbed to 48.3 from 46.7 in April, marking the highest level in 15 months. But the reading still indicated contraction.

Gold fell 5.4 percent in May, and has dropped in seven of the eight months in the past.

With global economy recovering, other assets, say equities, have become more attractive to investors for their higher returns than gold, tarnishing gold's safe-haven appeal, market analysts said.

Silver for July delivery gained 47.8 cents, or 2.15 percent, to close at 22.721 dollars per ounce. Platinum for July delivery soared 35.6 dollars, or 2.44 percent, to close at 1,497.4 dollars per ounce.

Hot News We Recommend
* Handmade 3D printer * 12 Asian business women: Intelligent and beautiful
* Lost Wonderland: Asia’s largest amusement park demolished * 55th Housing Fair held in E China's Jiangsu
* 'Lipstick effect' hits China as economy slows * Top 10 most competitive cities in China in 2013
* China may probe EU wine: report * 19-year-old self-made multimillionaire
* Latent demand expected to take tarnish off gold * 10 million-yuan bra shines in Shenyang, North China

Email|Print|Comments(Editor:ChenLidan、Gao Yinan)

Leave your comment0 comments

  1. Name


Selections for you

  1. Mechanized infantry brigade in drill

  2. Navy's sea training taskforce in drill

  3. International Children's Day around world

  4. Photo story: Mask girl's hard life

  5. Oil tank blast causes casualties in NE China

  6. Cute tiger cubs taken under patronage

  7. Xinghua village by the Great Wall

  8. Facial makeup of Peking Opera

  9. Fortune Global Forum to be held in Chengdu

  10. View of Hefei Xinqiao International Airport

Most Popular


  1. Exit from QE in U.S. not to be a problem
  2. Yuan may continue to appreciate
  3. Benefits of Shuanghui's meat deal
  4. News Analysis: No need to pit China against US
  5. China, US should head towards the same direction
  6. Stronger dollar serves as damper on gold prices
  7. Who needs a diploma? just want to marry rich
  8. Acquisition to sharpen Shuanghui's edge
  9. Manipulative kids seek gifts on Children's Day
  10. Japan, India eager to forge closer ties

What’s happening in China

Photo story: Mask girl's hard life

  1. Central China mine blast kills 10, injures 15
  2. 4 killed in Taiwan earthquake
  3. China allocates 110 mln yuan to flood-hit areas
  4. 90 pct Chinese parents support sex education
  5. Unmarried mothers would be fined by new law