MTECHTIPS:-Gold edges higher in Asia ahead of PMI reading for demand

MTECHTIPS:-Gold edges higher in Asia ahead of PMI reading for demand trends

MTECHTIPS- Gold prices rose in Asia as investors eyed demand prospects in China in line with figures from official manufacturing ad PMI estimates for July. Gold for August delivery rose 0.10% to $1,269.61 a troy ounce on the Comex division of the New York Mercantile Exchange. For last week, the precious metal was up 1.08%, its third consecutive weekly gain. Ahead the CFLP manufacturing PMI is expected to show a level of 51.6, a dip from 51.7 in June with a reading of 54.9 for the services PMI in the earlier month. The private Caixin manufacturing reading is due on Tuesday with a reading of 50.4 seen. Any level above 50 denotes expansion. Last week, gold prices rose to one-and-a-half month highs on Friday as sluggish inflation data tempered expectations that the U.S. Federal Reserve will raise interest rates again this year, underpinning demand for the precious metal. The dollar weakened broadly after data showing that wage growth and inflation remained tepid in the three months to June offset another report showing that U.S. economic growth accelerated in the second quarter.

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