MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps

MTECHTIPS;-Gold prices gain in Asia as China Caixin PMI jumps

MTECHTIPS- Gold prices gained in Asia on Friday as an upbeat reading on manufacturing in China aided sentiment regionally that world’s second largest economy remained on track. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose 0.17% to $1,324.40 a troy ounce. The Caixin manufacturing PMI jumped in August to 51.6, beating a 50.9 level expected, data showed on Friday, showing the fastest pace of new orders in three years. The figure follows the official manufacturing Purchasing Managers’ Index from China on Thursday came in at 51.7 in August, beating expectations. Analysts polled by Reuters expected China to post official PMI of 51.3 for August, a tick down from 51.4 in July. A reading above 50 indicates expansion, while a reading below that signals contraction. Overnight, gold prices edged higher on Thursday, as the dollar weakened, after subdued inflation data curbed investor expectations of a rate hike later this year while renewed geopolitical tensions lifted sentiment on the precious metal. Gold resumed its climb higher, following a two-day consolidation, as data showed consumer spending fell short of expectations while inflation increased at its slowest pace in nearly two years, curbing investor expectation that the Federal will hike its benchmark rate later this year

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips

WWW.MTECHTIPS.COM

07489294118-119