Gold prices rallied on Monday amid speculation the Federal Reserve may postpone further tapering its monetary stimulus. Disappointing economic news from the U.S. and China raised concerns about the health of the global economy.
American manufacturers said orders slowed sharply in January after hitting a more than four-year high in December. The ISM said its purchasing managers index fell to 51.3 in January from a revised 56.5 in December.
An indicator of Chinese non-manufacturing sector activity declined in January, in another sign that the economy is slowing amid Beijing’s efforts to push through planned reforms. April gold futures rose $20.10, or 1.6%, to settle at $1,259.90 an ounce on the Comex division of the New York Mercantile Exchange. March silver advanced 29 cents, or 1.5%, to $19.41 an ounce.
Source: RTT Staff Writer
Source: Bullion Bulletin