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Gold reclaims $1,400 as dollar falls

052913asiatodaycurrency_512x288Myra P. Saefong and Carla Mozee

Gold futures closed above $1,400 an ounce on Monday, lifted by a weaker dollar in the wake of data showing a contraction in U.S. manufacturing in May.

Gold prices recouped nearly everything they lost on Friday with the weak manufacturing data easing concerns about a pullback in the Federal Reserve’s bond-purchase program, which has been supportive for gold.

Gold for August delivery GCQ3 +1.36% rose $18.90, or 1.4%, to settle at $1,411.90 an ounce on the Comex division of the New York Mercantile Exchange.

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