Gold rises on worse than expected economic data

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as U.S. economic data came in worse than expected.

The most active gold contract for December delivery rose 18.30 U.S. dollars, or 0.94 percent, to close at 1,965.10 dollars per ounce.

The Conference Board, a business research group, reported Tuesday that its consumer confidence index tumbled to 106.1 in August from a revised 114 in July. Analysts were expecting a reading of 116.

The U.S. Labor Department reported that U.S. job openings dropped to 8.8 million in July, the fewest since March 2021 and down from 9.2 million in June.

The U.S. dollar index and Treasury yields dropped following weaker than expected economic data.

Investors are also waiting for the gross domestic product report due out Wednesday, July personal consumption expenditure index on Thursday and August U.S. employment report on Friday.

Silver for September delivery rose 53.60 cents, or 2.21 percent, to close at 24.788 dollars per ounce. Platinum for October delivery rose 13.90 dollars, or 1.43 percent, to close at 986.10 dollars per ounce.