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MTECHTIPS:-Gold prices up in Asia as China PMI flash survey shows dim picture

MTECHTIPS:-Gold prices up in Asia as China PMI flash survey shows dim picture

Gold gained in Asia on Friday after a weaker than expected manufacturing flash survey from Caixin and as investors increasingly doubt the Federal Reserve will raise rates in September. The Caixin China Manufacturing PMI flash fell to 47.1, a 77-month low, from an expected 47.7 for August. The Nikkei Japan PMI Manufacturing survey eased to 51.9 in August fro the flash estimate, below the 52.1 level seen. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.44% to $1,158.30 a troy ounce. Silver for September delivery eased 0.11% to 15.500 a troy ounce, while copper for September delivery dropped 0.27% to $2,314 a pound. Overnight, gold futures surged on Thursday enjoying one of their strongest one-day moves of 2015, following relatively dovish minutes from the Federal Open Market Committee’s July meeting strengthened the possibility of a delayed interest rate hike from the U.S. central bank. Investors continued to digest the minutes from the FOMC’s July meeting on Thursday, ones in which the Fed offered no clear indications on an imminent rate hike. The FOMC appears particularly concerned with the deceleration of inflation, as it continues to remain under its long-term targeted goal of 2%. While the Consumer Price Index (CPI) inched up 0.1%, it still fell under analysts’ forecasts of a 0.2% monthly gain. The Core CPI Index, which strips out food and energy prices, rose by 1.8% on a yearly basis, also falling below the Fed’s target by 0.2%.
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