News: Gold edges lower but silver gains

  1. Gold futures pared losses on Monday after unexpectedly weaker U.S. economic data spurred some safe-haven buying.

    Gold fell more than 1% earlier as buyers cashed in gains after the metal posted its biggest monthly rise in three years in January.

    Gold futures for April delivery settled down 0.2% at US$1,276.90 per ounce on the Comex in New York.

    Gold attracted safe-haven buyers after data showed that U.S. factory activity had cooled in January, suggesting the economy may have entered the new year on a slightly softer footing than expected.

    In other metals, March silver climbed 0.1% to US$17.23 an ounce.

    Platinum was down 0.6% at US$1,228.35 an ounce, while palladium was up 1.9% at US$783.50 an ounce.

     

 
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