Gold up on weak dollar, economic data

Gold futures on the COMEX division of the New York Mercantile Exchange rose Wednesday as the U.S. dollar weakened amid downcast economic data.

The most active gold contract for August delivery rose 1.3 U.S. dollars, or 0.1 percent, to settle at 1,322.6 dollars per ounce.

Gold rose for the sixth session in a row Wednesday, as the dollar was under pressure after the Commerce Department said the U. S. economy shrank at an annual rate of 2.9 percent in the first quarter of this year, the worst performance since 2009.

Further dampening gold's appeal as a safe haven, U.S. Department of Commerce said that orders for U.S.-made durable goods fell a seasonally adjusted 1 percent in May after a revised 0.8 percent gain in April.

Silver for July delivery gained 7.3 cents, or 0.35 percent, to close at 21.116 dollars per ounce. Platinum for July delivery climbed 1.3 dollars, or 0.09 percent, to close at 1,473.2 dollars per ounce.