01.02.202118:52:00UTC+00Gold Futures Settle Modestly Higher; Silver Sparkles

Gold futures ended higher on Monday, riding on Silver's splendid rally.

Silver prices rose sharply on frenzied buying, buoyed by a report on Reddit last week about a short squeeze on the precious and industrial metal.

However, the dollar's rise limited gold's uptick. The dollar index rose to 91.02, gaining nearly 0.5%. The dollar rose amid doubts surrounding the imminent debate around extra fiscal stimulus by U.S. policymakers and the potential impact on growth prospects of the slow vaccine rollout. Volatile stock markets too contributed to the increased demand for the U.S. dollar.

Gold futures for April ended up $13.60 or about 0.7% at $1,863.90 an ounce.

Silver futures ended stronger by $2.50 or about 9.3% at $29.418 an ounce.

On the economic front, a report from the Institute for Supply Management showed the pace of growth in U.S. manufacturing activity slowed more than expected in January.

The ISM said its manufacturing PMI declined to 58.7 in January from a downwardly revised 60.5 in December. Economists had expected the index to show a more modest drop to 60.0.

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