Date: Friday 16 Jul 2010
A downbeat view of the American economy following a batch of weak data helped gold recover from early losses to finish slightly better in New York Thursday.Gold for August deliver rose $1.30 to $1,208.30 an ounce as US manufacturing reports caused a sell-off in equity markets, although final gains narrowed when stocks recovered later.
Shares had managed to hold gains until a poor New York Fed manufacturing and weak Philadelphia Fed business index sent the Dow Jones to three-figure losses.
Elsewhere, silver, platinum and palladium improved slightly, though copper finished flat.
On the oil markets, the August crude contract dropped 42 cents to $76.62 a barrel following news that the Philly Fed index slumped to 5.1 from 8.1 in June. It had been expected to rise to 10.But analysts still think oil is likely to keep trading between $70 and $80, at least for the rest of the summer.
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