Gold Scores Gains on Negative Economic Data

Gold prices rose on Monday, managing to register its second consecutive daily rise, amid a fluctuating performance by the U.S. Dollar (USD) that also remained mostly in the positive territory, with disappointing economic data giving support to the demand for safe havens.

Gold futures for December delivery added $11.70, or 0.66%, to close at $1,786.90 per ounce.

This marked the highest closing level for gold’s most active contracts since August 5.

Factory production and retail sales in China slowed sharply last month, missing market expectations and raising more concerns over economic recovery, especially as the New York Fed’s Empire State business conditions index dropped in August to its lowest level since March.