Gold price rose on the weak U.S. economic data. The Institute for Supply Management released its Chicago purchasing managers’ index on Monday. The Chicago purchasing managers’ index dropped to 47.6 in February from 55.6 in January, missing expectations for a decrease to 53.0. The decline was mainly driven by drop in production and in new orders.
The National Association of Realtors (NAR) released its pending home sales figures for the U.S. on Monday. Pending home sales in the U.S. slid 2.5% in January, missing expectations for a 0.5% gain, after a 0.9% increase in December. The fall was mainly lead by declines in almost all regions. Only pending home sales in the South rose in January.
March futures for gold on the COMEX today increased to 1234.40 dollars per ounce.