Gold gain in physical demand in Asia, as thin trade on China markets closed

Gold gained in Asia on Friday in an offensive physical purchases, but in thin markets trade with largest buyer China market closed.
China is the public holiday, but all other general region mostly reopen to commemorate the day of the week.

Gold prices gain in Asia on China markets shut

On the Comex division NYMEX, gold futures for delivery in June traded at $ 1,284.00 a troy ounce, up 0.05%, after hitting a session low overnight of $ 1277.40 and a maximum of $ 1293.10.

During the night the prices of gold fell after data showed consumption and personal income jumped more than expected in March, a day after the Federal Reserve official said it was lowering the size of their purchase program monthly cash bonuses that has supported gold since 2012.

The Labor Department reported previously as the number of people who applied for unemployment benefits last week rose by 14,000 to 344,000 of the total as revised up from 330,000 the previous week reading.

Analysts were expecting unemployment claims falling into 11000-319000. Compensation disappointing jobless figures, the DOC reported earlier that personal spending rose 0.9% U.S. in March from an upwardly revised 0.5% reading the previous month, beating expectations of 0.6%.

Consumer spending is the largest U.S. economic growth of single component, representing up to two-thirds of economic activity.
The report added that personal income rose 0.5%, beating expectations of a 0.4% increase.

Moreover, the Instituto Supply Management said its manufacturing PMI jumped to 54.9 last month from 53.7 in March, exceeding the expectations of a reading of 54.3.

Reports came a day after the data showed the U.S. economy will grew at an annual rate of only 0.1% in the first trimester, well below expectations of a 1.2% expansion, although the markets attributed to the poor performance to harsh winter weather who discontinued previous trade this year .

Although sharp slowdown in the growth of the Federal Reserve official said on Wednesday that it would reduce their buying of monthly cash bond to $ 45 billion from $ 55 billion, as although the growth was almost flat in the first trimester, the economy has shown signs of gaining momentum the last few weeks.

Bond buying support the prices of gold to weaken the dollar. Investors were looking towards the ahead to April’s NFP report on Friday, which is expected to show that the recovery on the labor market continued, which further reduces the yellow metal.

 

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