Gold Back Above $1,600 Mark As Dollar Slides

Gold futures rallied over $1,600 on a weaker dollar and higher oil prices. Gold gained over $30/oz after having six straight sessions of decline in the end of 2011.

Jan 3, 2012
NASDAQ

(RTTNews.com) - Gold futures rallied to close above the $1,600 mark Tuesday, on a weaker dollar and higher oil prices.

Gold for February delivery, the most actively traded contract, gained $33.70 or 2.2 percent to $1,600.50 an ounce, on the Comex division of the New York Mercantile Exchange.

The precious metal closed Friday having gained 10 percent for the year, after six straight sessions of decline late December.

The dollar index which tracks the U.S. unit against six major currencies, dropped to 79.553 from last week. The euro rose to $1.3070 from $1.3072 prior to the Fed minutes release and $1.2931 in late Monday trade in North America.

Activity in the U.S. manufacturing sector expanded for the twenty-ninth consecutive month in December, according to a report released by the Institute for Supply Management on Tuesday, with the index of activity in the sector jumping to a six-month high. The index of activity in the manufacturing sector rose to 53.9 in December from 52.7 in November, with a reading above 50 indicating growth in the sector. Economists had been expecting the index to edge up to 53.2. The manufacturing index rose to its highest level since coming in at a reading of 55.3 in June.

Meanwhile, the Institute for Supply Management said its index of activity in the manufacturing sector rose to 53.9 in December from 52.7 in November, with a reading above 50 indicating growth in the sector. Economists had been expecting the index to edge up to 53.2.

Earlier today, data from China revealed expansion in manufacturing activity in December. The official Purchasing Managers Index for non-manufacturing sectors rebounded strongly to 56.0 from 49.7 in November.

In economic news from the euro zone, unemployment in Germany declined more than expected in December, data from the Federal Labor Agency revealed. The number of unemployed declined by 22,000 to 2.89 million, while economists had expected the figure to fall by 10,000.

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