Gold up on weaker US equities

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Chicago, April 6 (IANS) Gold futures on the COMEX division of the New York Mercantile Exchange rose as US equities showed weakness amid worse-than-expected US data.

The most active gold contract for June delivery on Tuesday rose $10.3, or 0.84 percent, to settle at $1,229.60 per ounce, Xinhua news agency reported.

US stocks opened lower and traded lower in the morning session on Tuesday. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when US equities post gains.

Gold was given further support as a report released by the US Department of Commerce showed the international trade deficit during February increasing to a worse- than-expected negative $47.1 billion.

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Silver for May delivery added 17.2 cents, or 1.15 percent, to close at $15.116 per ounce. Platinum for July delivery rose $8.1, or 0.86 percent, to close at $951.60 per ounce.

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