Gold prices higher as steady demand, with U.S. and Canada markets closed for Labor Day holiday.

Gold prices higher as steady demand, with U.S. and Canada markets closed for Labor Day holiday.

The prices of gold is trading higher in Asia on Monday after the manufacture data pointed to a steady demand and on potential new sanctions on Russia and the markets in the United States and Canada closed laying Labor Day holiday.

Gold December futures delivery traded at $1,287.70 a troy ounce, up 0.02% on the Comex division of the New York.

In China, the CFLP production PMI in August was placed in 51.1, just below the 51.2 exepected.

The final HSBC manufacturing PMI stood at 50.2, just below the 50.3 expected.

United States officials are working in close collaboration with the European Union to sustain its Russia sanctions programs aligned through time and gravity.

In the coming week, trading volume is likely to keep light on Monday, with the US markets closed laying Labor Day holiday. Investors will concentrate on the results of Thursday’s regular monthly meeting of ECB monetary policy and on Friday near viewed US nonfarm payroll report.

Though, gold retreated from intraday highs after data showed gross domestic product grew at a yearly rate of 4.2% in the second quarter from a preliminary estimate of 4% and recovering from a first quarter contraction .

The optimistic data of the United States also fueled worries that the recovery could lead to the deepening of the Federal Reserve to raise rates sooner. Higher interest rates would make gold a less attractive investment than earning assets such as Treasuries.

“Pressure on gold and silver in the international market. Gold prices remained constant pressure on the last 3 weeks. According to the CFTC last week Comex gold buying deals has declined. The prices of gold is dropped 2.6 percent from June, the front of the first quarterly loss this year, such as punctuation faster economic growth driven for the Federal Reserve to raise interest rates, reduce demand for a hedge against inflation.” said 100McxTips bullion analysts.

In the meantime, domestic market, MCX gold is trading down 0.25 per cent decline to Rs 27800.  while silver has come down to Rs 42,125.

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Posted in Commodity, MCX, Stocks Market

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