Gold prices were seen trading higher on Tuesday, clearing losses seen in the previous session after the release of the mixed Chinese manufacturing data.
Gold futures for June delivery climbed 0.05% higher to $1,284.00 an ounce at the time of writing, while futures for the silver metal slipped 0.32% to $19.690 an ounce at the same time.
On Monday, the yellow metal prices dropped close to a six-week low, dragged down by the lower physical demand from Asia. Gold lost approximately $40 an ounce in the month of March after climbing by almost $120 an ounce from the start of the year to the end of February.
The US dollar index, which measures the strength of the greenback against six of its major peers, rose 0.02% higher to 80.1140, while holdings in the world’s largest gold-backed exchanged traded-fund, SPDR Gold Trust; came in at 813.08 tons on Monday.
Gold – China PMI
Reports revealed that China’s manufacturing level grew at a faster rate in March as the Purchasing Managers’ Index (PMI) came in at 50.2 in March, climbing from the previous reading of 50.1 seen in February.
In a separate report from HSBC Holdings Plc and Markit Economics revealed that China’s purchasing managers index dropped to 48.0 in March, the lowest since July and compared to the previous reading of 48.5 in February. A reading below 50 indicates contraction.
Gold – Fed Comments
On Monday, the Federal Reserve Chair Janet Yellen said the US economy will still need monetary stimulus to boost the economy before the release of today’s data which may reveal a gauge of manufacturing rose in March.
On March 19, Yellen said the US central bank might increase the benchmark interest rate in the next six months before the end of the asset-purchasing program, which is expected to end later in the year.
Visitwww.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
Gold prices were seen trading higher on Tuesday, clearing losses seen in the previous session after the release of the mixed Chinese manufacturing data.
Gold futures for June delivery climbed 0.05% higher to $1,284.00 an ounce at the time of writing, while futures for the silver metal slipped 0.32% to $19.690 an ounce at the same time.
On Monday, the yellow metal prices dropped close to a six-week low, dragged down by the lower physical demand from Asia. Gold lost approximately $40 an ounce in the month of March after climbing by almost $120 an ounce from the start of the year to the end of February.
The US dollar index, which measures the strength of the greenback against six of its major peers, rose 0.02% higher to 80.1140, while holdings in the world’s largest gold-backed exchanged traded-fund, SPDR Gold Trust; came in at 813.08 tons on Monday.
Gold – China PMI
Reports revealed that China’s manufacturing level grew at a faster rate in March as the Purchasing Managers’ Index (PMI) came in at 50.2 in March, climbing from the previous reading of 50.1 seen in February.
In a separate report from HSBC Holdings Plc and Markit Economics revealed that China’s purchasing managers index dropped to 48.0 in March, the lowest since July and compared to the previous reading of 48.5 in February. A reading below 50 indicates contraction.
Gold – Fed Comments
On Monday, the Federal Reserve Chair Janet Yellen said the US economy will still need monetary stimulus to boost the economy before the release of today’s data which may reveal a gauge of manufacturing rose in March.
On March 19, Yellen said the US central bank might increase the benchmark interest rate in the next six months before the end of the asset-purchasing program, which is expected to end later in the year.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today
The post Gold Prices Lifted on Mixed China Data appeared first on | HY Markets Official blog.
Related Posts: