Futures & Commodities

Gold overcomes profit-taking, ends above $1,324

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Gold ended higher on Tuesday, overcoming the drag of profit-taking due to a weaker U.S. dollar and concerns over global economic growth.

Bullion is up 10 percent this year—after losing nearly a third of its value in 2013—as outflows from gold-backed funds slow and equities weaken due to emerging market jitters.

Chart: Precious Metals

Gold gained for three straight sessions through Monday, following weak U.S. economic data.

Spot gold was down 0.4 percent after data showed New York state manufacturing cooled off in February, after scaling to a near two-year high in the prior month.

U.S. gold futures for April delivery settled $5.80 higher, at $1,324.40 an ounce.

Asian shares mostly eased after solid gains in recent sessions, while the dollar was near six-week lows against a basket of currencies.

Investors have been seeking shelter in gold after a string of U.S. data showed the world's largest economy had been hit by cold weather and fears of slowing growth in China.

Gold is often seen as an alternative investment to risky assets such as stocks and is considered a haven during times of economic uncertainty.

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