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Gold Rises Above $1,050 Following Encouraging Economic Data (RTTNews) - Gold turned back to the upside on Monday and finished above $1,050 per ounce following some encouraging economic reports. December-stamped gold rose to $1,054, up $13.60 on the session. Prices reached as high as $1,059.20. The Institute for Supply Management manufacturing index rose to 55.7 in October from 52.6 in September, with a reading above 50 indicating growth in the sector. Economists had been expecting a reading of 53.0. In other U.S. economic news, the Commerce Department revealed that construction spending rose 0.8 percent in September. This followed a 0.1 percent decline in August and a 1.2 percent slide in July. The National Association of Realtors announced the pending home sales index rose 6.1 percent to 110.1 in September from a reading of 103.8 in August. The increase by the index came as a surprise to economists, who had expected the index to edge down 0.1 percent. The Federal Open Market Committee's two-day policy meeting begins. A rate decision is expected on Wednesday afternoon. At 10 a.m. ET Tuesday, factory orders data is due. A rise of 0.9% for September is forecast, compared to a decline of 0.8% in August. The dollar saw early weakness against the euro on Monday in New York but bounced back to recover the daily gains. The buck was also little-changed versus the sterling. Gold dropped $6.70 on Friday hit as low as $1,035.40. The metal fell more than $15 on the week, but still finished October up nearly 4%. |
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