Gold advanced, trading above $1,600 an ounce, as manufacturing in the U.S. trailed estimates, boosting prospects of further stimulus by the Federal Reserve to spur growth and increasing demand for bullion as a haven.
Spot gold rose as much as 0.5 percent to $1,605.50 an ounce and was at $1,602.15 by 12:39 p.m. in Singapore. August-delivery bullion gained as much as 0.5 percent to $1,605.70 an ounce on the Comex in New York, before trading at $1,602.50.
Manufacturing in the U.S. shrank in June to 49.7, worse than the most-pessimistic forecast in a Bloomberg News survey, from 53.5 in May, data yesterday showed, helping the dollar rebound from its biggest drop in eight months against a six- currency basket including the euro. The common currency fell today as euro-area unemployment reached the highest on record in May, raising concern the debt crisis is worsening.
Silver futures decline to Rs 43,594 per kg
Silver prices fell 0.82 per cent to Rs 43,594 per kg at the futures trade today as speculators indulged in trimming positions, taking weak cues from the global market amid a weak trend in the domesti
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