Get real time updates directly on you device, subscribe now.
Gold closed higher on Tuesday, completing four consecutive uptrends as the big losses on Wall Street and the disappointing financial data announced today turned investors to the precious metal, which is considered a safe haven.
In June, gold for June delivery gained $ 17.60, or 1%, to close at $ 1,865.40 an ounce on the New York Mercantile Exchange.
July silver jumped 1.6% to close at $ 22.06 an ounce.
The data released today showed that economic activity slowed again in May as high inflation and supply chain problems continued to weigh on US companies. In particular, the composite PMI for services and manufacturing fell to a four-month low of 53.8 in May from 56.0 in April, according to preliminary data from S&P Global.
At the same time, sales of new homes fell in April for a fourth straight month, slipping to a lower level since the pandemic broke out as prices jumped as did mortgage rates.
July copper, meanwhile, lost 0.9% to close at $ 4.31 a pound.
As for the course of other metals, platinum in July lost 0.8% to $ 942.90 per ounce, while palladium in June rose 1.4% to $ 1,986.60 per ounce.