US gold rises on weak economic data

Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Friday on weak economic data, ending the week with a gain of 0.2 percent. The most active gold contract for December delivery rose 1.1 dollars, or 0.09 percent, to settle at 1,287.4 dollars per ounce. Economic data released Friday showed that the Empire State index fell to negative 2.2 in November from positive 1.5 in October. Meanwhile, the Federal Reserve said U.S. industrial production fell 0.1 percent in October, the first drop since July. Weak economic data seemed to support the expectations that the Federal Reserve won't scale back its bond purchase. At a Congress hearing on Thursday, Janet Yellen, who has been nominated to head the Fed, voiced support for the central bank's bond-buying program. Silver for December delivery gained 0.5 cents, or 0.02 percent, to close at 20.727 dollars per ounce. Platinum for January delivery dropped 5.2 dollars, or 0.36 percent, to close at 1,438.9 dollars per ounce.