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Gold increases on a weaker the U.S. dollar
Gold price rose on a weaker the U.S. dollar. The U.S. dollar fell against other currencies on the weak data from the U.S. services sector. The Institute for Supply Management released its non-manufacturing purchasing managers' index for the U.S. on Thursday. The index fell to 53.4 in February from 53.5 in January, beating expectations for a decrease to 53.2.
Markit Economics released final services purchasing managers' index (PMI) for the U.S. on Thursday. Final U.S. services purchasing managers' index (PMI) fell to 49.7 in February from 53.2 in January, down from the preliminary reading of 49.8. It was the lowest level since October 2013. The index was driven by a decline in new business.
The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, climbed to 25.35 million ounces on Wednesday, the highest level since September 2014.
March futures for gold on the COMEX today rose to 1256.90 dollars per ounce.
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