RTTNews - Gold closed higher for the first session in three as a weaker U.S. dollar boosted the metal's value as a hedge investment.
August-stamped gold settled at $941.30 an ounce, up $13.90 on the session. The metal reached as high as $947.00 in intraday trading.
The gain lifted gold away from a weekly low and erased some of more than 5% decline from last month. Gold had started June near a multi-month high.
The dollar dropped versus other majors, giving back modest gains from yesterday. The greenback reached a 20-day low against the euro and saw moderate weakness against the yen and pound.
Automatic Data Processing said that non-farm private employment fell by 473,000 jobs in June following a revised decrease of 485,000 jobs in May. Economists had expected a decrease of 394,000 jobs compared to the loss of 532,000 jobs originally reported for the previous month.
Later, industry data showed pending home sales index rose 0.1 percent to 90.7 in May from an upwardly revised reading of 90.6 in April. Economists had been expecting the index to come in unchanged compared to the 90.3 originally reported for the previous month.
The ISM said its index of activity in the manufacturing rose to 44.8 in June from 42.8 in May, with a reading below 50 indicating a contraction in the sector. The index came roughly in line with the expectations of economists, who forecast a reading of 44.6.
The U.S. Commerce Department revealed that construction spending fell 0.9 percent in May, following a revised 0.6 percent rise in the previous month.
On Tuesday, gold fell to $927.40 per barrel, down $13.30 for the session. The metal reached as high as $945.40 in electronic trading before later hitting as low as $922.70.
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