Gold price shoots up 1.1% to $1,186; WTI slides 0.4% to $58.93

New York (May 4)  Gold futures bounced off a six-week low as traders searched for clues on when the Federal Reserve will begin lifting interest rates.

Gold for June delivery rose 1.1 percent to settle at $1,186.80 an ounce on Comex.

Data today showed that U.S. factory orders in March rose by a less-than-expected 2.1 percent.

In other metals trading, July silver jumped 1.9 percent to $16.441 an ounce, following declines over the past two trading sessions.

July platinum rose 1.9 percent to $1,150.90 an ounce, while June palladium advanced 1.2 percent to $782.65 an ounce.

July copper fell about a penny, or 0.3 percent to $2.9205 a pound.

In energy trading, oil futures settled lower today as a monthly decline in Chinese manufacturing activity dulled the outlook for crude demand, pushing prices back below $59 a barrel.

On the New York Mercantile Exchange, West Texas Intermediate for June delivery settled at $58.93 a barrel, down 0.4 percent.

Brent crude for June delivery on London’s ICE Futures exchange fell a penny to end at $66.45 a barrel.

China’s HSBC purchasing managers index, a widely tracked gauge of manufacturing activity, fell in April to a final reading of 48.9 — the lowest level since April 2014.

Source: ProactiveInvestors