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Gold Pushes Above Unchanged On Weaker U.S. Data

Kitco News

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices have erased modest early losses to trade slightly higher in late-morning action Monday. Some weaker-than-expected U.S. economic data that was just released falls into the camp of the monetary policy doves, who want to see a slower pace of U.S. interest rate increases. U.S. Construction spending in February rose by only 0.8%, when a rise of up 1.2% was expected. Also, the March ISM manufacturing report showed a reading of 57.2 versus 57.7 in February. The data put some selling pressure on the U.S. dollar index, which is also favoring the precious metals market bulls. June gold futures were last up $1.60 an ounce at $1,252.70.

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