Gold trades lower below $1190, as disappointing manufacturing activity data from China

Gold trades lower below $1190, as disappointing manufacturing activity data from China

China’s HSBC (LONDON:HSBA) flash manufacturing purchasing managers’ index slipped to 49.2 in April from March’s final reading of 49.6. Image Source: http://bit.ly/1Fgu6Fp

Gold prices fell on Thursday, but expected to remain restricted benefits as factory activity data from China weighed out and disappointing US existing home sales on Wednesday have continued to support the dollar.

On comex, gold futures delivery in June were down 0.09% at $1,185.80.

The data previously shown that the index HSBC flash manufacturing, purchasing managers ‘China’ slipped to 49.2 in April from March’s final reading of 49.6, lower for the third straight month.

Gold prices is showing slightly improved, but prices are still at lower levels of a week. Comex gold is under $1190.

However, about 0.5 per cent increase in the domestic market MCX gold is trading over Rs 26 730. Domestic prices are getting support from weakness in the rupee.

Amidst a weakness in the local equity market, the Indian rupee ended at three-month low on sustained dollar demand from abroad and nationalized banks related to Daiichi Sankyo’s stake sale in Sun Pharmaceutical Industries Ltd.

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