SH: Commodities Crude falls to 5-week low, gold rises
LONDON (SHARECAST) - Crude oil futures settled lower on Monday in light trading as the Dow closed a point lower.
Unease over weaker than expected US and Japanese economic data kept buyers at bay. Crude for September delivery lost 15 cents to $75.25 a barrel on the New York Mercantile Exchange.
In an otherwise quiet session investors digested more lacklustre data. The New York Empire State manufacturing index grew to 7.1 in August, less than the predicted increase to 8, from 5.08 in July.
Meanwhile, a report from the National Association of Home Builders revealed its housing market index fell to a 17-month low this month, down 1 point from July and the worst read since March 2009. The sector has been hit by the expiry of tax incentives.
Traders were also spooked by data showing weaker than expected growth in Japan. Japan grew just 0.4% in the second quarter, much less than the 2.3% expected.
Gold for December delivery settled up $9.60 at $1226.20 an ounce on the comex division of the New York Mercantile Exchange as the disappointing economic data prompted a flight to safety.
