Gold futures on the COMEX division of the New York Mercantile Exchange settled up on Tuesday (Wednesday morning GMT ) , data on manufacturing activity amid weaker than expected in the New York region , sparking fears about the U.S. economic recovery .
The most active gold contract for April delivery rose 5.8 dollars, or 0.44 percent, to close at 1324.4 U.S. dollars per ounce . Gold ends higher , overcoming barriers to profit-taking as a weaker dollar and concerns over global economic growth , Xinhua said .
Manufacturing activity cooled state of New York in February after approaching two-year highs in the previous month , the data showed . The index fell to 4.5 in February from 12.5 in January . According to market analysts , the decline may be explained by the harsh weather is causing problems for the manufacturing sector .
Report of the World Gold Council ( WGC ) said that gold demand fell 15 percent in 2013 , partly due to a large outflow of funds traded ( ETF ) physically backed gold . Market analysts predict that up to ETF investors back in large numbers , gold will be difficult to make further progress .
Silver for March delivery rose 47.7 cents, or 2.23 per cent to close at 21.898 dollars per ounce .
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