Gold Futures Gain US Manufacturing Data

Gold futures gained on Monday in reaction to positive US manufacturing survey which also boosted US equities and other commodities such as oil. The Institute for Supply and Management’s index for the month of March increased to 53.4 percent as compared to 52.4 percent in the month of February. Economists were expecting the figure of 53.5 percent.

Gold futures contract for June delivery surged 0.5 percent or $7.80 to $1,679.70 per ounce on the Comex division of the New York Mercantile Exchange. The precious metal has gained 6.7 percent in the first quarter of the 2012. Analysts are expecting the precious metal to trade within the ranges of $1,650 per ounce to $1,690 per ounce.

Senior research analyst, Jeff Wright from Global Hunter Securities commented, “Investors could be willing to look at a risk-on trade, I still believe we are range bound on gold for the near term between $1,600 – $1,800 per ounce; and do not see this changing without further quantitative easing by the U.S. Federal reserve, significant progress towards resolving European debt crisis or a collapse of the euro.”

More positive news also surrounded the gold as jewelers in India are expected to end their strike. India happens to be the largest market of gold in the world.

Among other metals, silver futures for May delivery gained 1.9 percent or $0.06 to $33.10 per ounce while copper futures contract for same month surged 2.5 percent or $0.10 to $3.92 per pound. Platinum futures for July delivery gained 0.7 percent or $10.80 to $1,654.90 per ounce while palladium futures for June delivery advanced 0.7 percent or $4.70 to settle at $658.80 per ounce.

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