MTECHTIPS:-Gold pares gains after improved ISM data lifts struggling factory sector
Wednesday, March 2, 2016 1:49
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MTECHTIPS:-Gold pares gains after improved ISM data lifts struggling factory sector
Gold futures pared considerable gains on Tuesday after stronger than expected factory data from the Institute of Supply Management provided some optimism that a prolonged slump in the manufacturing sector could be on the verge of a rebound. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,227.90 and $1,249.30 an ounce before settling at 1,230.70, down 3.70 or 0.30% on the session. At session highs, gold moved percentage points away from hitting 12-month highs reached on February 11 when the precious metal surged more than $50 an ounce or 4.45% on the session to clear $1,260. With the slight losses, gold closed lower for just the third time in the last 10 trading days. Gold is coming off itsits strongest month in more than 13 years when it surged more than 10%, amid widespread concerns related to a slowdown in global economic growth, extreme volatility in financial markets and the proliferation of negative interest rates by a host of top central banks. As a result, gold is on track for one of its best opening quarters in 30 years. Gold likely gained support at
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