Gold Declines after ISM’s Manufacturing Data

Gold futures ended lower on Tuesday in reaction to the better than expected US manufacturing data for the month of April. Gold remained volatile the whole session and actually was in positive zone before the release of ISM’s index.

Gold futures contract for June delivery fell 0.1 percent or $1.80 to settle at $1,662.40 per ounce on the Comex division of the New York Mercantile Exchange. The precious metal surged in earlier session backed by higher manufacturing activity in China in April. Purchasing Managers’ Index in China increased to 53.3 for the month of April as compared to 53.1 in March. However on Tuesday gold touched its intraday high of $1,670 per ounce but was not able to cross its resistance level.

Institute of Supply Management also released its monthly reading on manufacturing activity in US according to which ISM’s manufacturing index gained to 54.8 percent in the month of April as compared to 53.4 percent in March.

Among other base metals, copper futures contract for July delivery gained 0.4 percent or $0.01 to settle at $3.84 per pound while silver futures for July delivery fell 0.3 percent or $0.09 to settle at $30.93 per ounce.

Platinum futures contract for July delivery advanced $0.40 to settle at $1,572.30 per ounce while its sister metal palladium futures for June delivery slipped 0.2 percent or $1.30 to settle at $681.05 per ounce.

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