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Gold rises as the dollar falls after weak US data
Gold prices rose on Tuesday, reversing six consecutive sessions of losses, supported by the dollar's decline following weak data on private sector activity in the United States.
And gold rose in spot transactions 0.76 percent to $ 1748.90 an ounce by 1705 GMT. The precious metal prices have fallen over the past six sessions, and recorded $1,727.01 on Monday, the lowest level since July 27.
US gold futures rose 0.8 percent to $1,762.20 an ounce.
"The dollar and bond yields fell after the PMI data, which is helping gold," said Edward Moya, chief analyst at OANDA.
He added, "The data also points to a significant contraction, which shows that the economy has weakened at a rapid pace, which opens the door to the idea that the Federal Reserve may not continue to tighten monetary policy strongly, which gives more support to gold."
US private sector activity contracted for a second straight month in August to its weakest level in 18 months.
The dollar index fell 0.5%, making gold cheaper for buyers holding other currencies. US Treasury yields also fell.
Among other precious metals, silver rose 0.58 percent to $19.12 an ounce, while platinum rose 0.3 percent to $878.72 and palladium fell 0.8 percent to $180.20.
