Gold rises as U.S. stocks fall

CHICAGO, Sept. 27 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Tuesday as U.S. stocks fell.

The most active gold contract for December delivery rose 2.8 U.S. dollars, or 0.17 percent, to close at 1,636.2 dollars per ounce.

It is hardly a rally and more like a temporary bounce as selling pressure takes a break, market analysts said, holding that gold won't likely bottom out before the market is confident of the interest rate trends.

Economic data released Tuesday are mixed. The Conference Board Consumer Confidence Index increased in September for the second consecutive month to stand at 108.0, up from 103.6 in August.

U.S. Commerce Department reported that U.S. new orders for durable goods, products meant to last at least three years, declined by 0.2 percent to a seasonally adjusted 272.7 billion dollars in August compared with the prior month.

U.S. Commerce Department reported U.S. new home sales surged 28.8 percent to a seasonally adjusted annual rate of 685,000 units in August.

Silver for December delivery fell 14.3 cents, or 0.77 percent, to close at 18.337 dollars per ounce. Platinum for October delivery fell 3.2 dollars, or 0.38 percent, to close at 846.9 dollars per ounce.