Gold prices end higher as fall in U.S. manufacturing index spurs haven buying
Wednesday, 2 October 2019 01:24 WIB |
PRECIOUS METALS |GOLDEMASSILVER
Gold prices ended sharply higher Tuesday as a drop in the U.S. Institute for Supply Management's manufacturing index to its lowest level since 2009 pulled benchmark stock indexes lower, fueling haven demand for the precious metal.
Gold for December delivery on Comex rose $16.10, or 1.1%, to settle at $1,489 an ounce, after retreating 2.2% on Monday. Prices for the most-active contract declined 3.7% in September, but posted a 3.4% gain for the quarter.
The Institute for Supply Management said Tuesday that its manufacturing index fell to 47.8% last month from 49.1%, marking the lowest level since June 2009. That™s when the Great Recession ended.
Meanwhile, December silver added 30.4 cents, or 1.8%, to finish at $17.302 an ounce, after a 3.7% tumble on Monday, which pushed the contract to its first finish below $17 since early August. It lost more than 7% in September, but gained over 10% for the quarter.
Source : MarketWatch