by Reuters
CNBC.com
Gold rose 1% on Wednesday, supported by a softer dollar and weak U.S. data, as investors grappled with mounting economic and political uncertainty.
Spot gold climbed 0.8% to $3,378.22 an ounce by 02:02 p.m. ET (1802 GMT), after rising as much as 1% earlier. U.S. gold futures settled 0.7% higher at $3,399.20.
The U.S. dollar index (.DXY) fell 0.5%, making gold cheaper for buyers holding other currencies, while benchmark U.S. 10-year Treasury yields edged lower.
“The U.S. services sector – two-thirds of the economy – contracting for the first time in a year has goosed gold a percent higher after bullion had shrugged off a weak though historically volatile ADP employment report,” said Tai Wong, an independent metals trader.