Gold rises as manufacturing survey disappoints

AP News
Posted: Feb 03, 2014 3:45 PM

Gold is rising after a survey showed that manufacturing in the U.S. barely expanded last month and the stock market continued to slide.

The price of gold for delivery in April rose $20.10, or 1.6 percent, to $1,259.90 an ounce.

Gold has risen about 5 percent this year as U.S. economic reports have fallen short of investor expectations and amid concern that growth in China is slowing. The metal plunged last year as investors grew more optimistic about the U.S. economy and inflation was nowhere in sight.

In other metals trading, silver and platinum also rose. Copper and palladium fell.

The price of oil fell on concern that slowing growth in China and the U.S. will crimp demand.

In agricultural products, wheat, soybeans and corn all rose.