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Gold futures inched higher in electronic trading Wednesday

Gold futures inched higher in electronic trading, in a mixed session for metals, with gains limited by a stronger dollar.

Gold for April delivery   added 80 cents, or 0.1%, $1,741.20 an ounce on the Comex division of the New York Mercantile Exchange during Asian trading hours.

The gains tracked mild rises for most Asian markets on Tuesday after data showed a mixed picture of manufacturing activity in China.

HSBC’s Chinese manufacturing survey remained stuck in contraction in January, while the government version indicated the sector is now growing.

The ICE dollar index, which tracks the greenback against six rival currencies, rose to 79.361, from 79.278 in North American trade late Tuesday.

A stronger greenback can discourage investment in dollar-denominated commodities as it makes them more expensive to holders of other currencies.

The broader metals complex diverged in Asian trading, with platinum the leading gainer.

April platinum  added $10.70, or 0.7%, to $1,598.80, while palladium for March delivery  gained 15 cents to $686.50 an ounce.

March silver  shed 5 cents, or 0.1%, to $33.26 an ounce.

March copper  dropped 1 cents, or 0.3%, to $3.78 a pound. – MarketWatch

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Posted by on Feb 1 2012. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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