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Gold declines on a stronger U.S. dollar
Gold price fell on a stronger U.S. dollar. The greenback increased against other currencies on the better-than-expected U.S. economic data. Markit Economics released its final manufacturing purchasing managers' index (PMI) for the U.S. on Tuesday. The U.S. final manufacturing purchasing managers' index (PMI) decreased to 51.3 in February from 52.4 in January, up from the previous estimate of 51.0. The index was driven by a slower pace of growth in output and new orders.
The Institute for Supply Management released its manufacturing purchasing managers' index for the U.S. on Tuesday. The index rose to 49.5 in February from 48.2 in January. Analysts had expected the index to increase to 48.5. The increase was mainly driven by rises in production and employment. The production index increased to 52.8 in February from 50.2 in January, while the employment index was up to 48.5 from 45.9.
March futures for gold on the COMEX today decreased to 1231.30 dollars per ounce.
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