3rd May 2018 18:41
WASHINGTON (Alliance News) - Gold futures rose Thursday as traders weighed mixed US economic data ahead of tomorrow's monthly jobs report.
As the Dow Jones Industrial Average erased a 400-point skid to turn positive, June gold settled up USD7.10, or 0.5%, to settle at USD1,312.70/oz. Gold broke a four-day losing streak.
A report released by the Commerce Department on Thursday showed a bigger than expected increase in new orders for US manufactured goods in the month of March.
The report said factory orders surged up by 1.6% in March, matching the upwardly revised jump seen in February.
The Institute for Supply Management released a report on Thursday showing a bigger than expected decrease by its index of activity in the sector.
The ISM said its non-manufacturing index fell to 56.8 in April from 58.8 in March. While a reading above 50 still indicates growth in the service sector, economists had expected the index to show a more modest decrease to 58.1.
Yesterday, the Federal Reserve maintained its benchmark interest rate but signaled further tightening will occur before year's end.