Gold Futures Prices Edge Higher on Weak China PMI

Gold Futures Prices Edge Higher on Weak China PMI

The prices of gold rose in European hours of Wednesday morning, as the stronger US dollar continued to weigh on the yellow metal, but disappointing Chinese manufacturing data increased safe haven demand.

On the Comex, gold futures for December delivery were up 0.14% at $1,126.30. Spot Gold rose 0.2 per cent to $1,127.35 an ounce in Singapore.

The bullion market sentiment has weakened after data on Wednesday showed that the index of manufacturing, purchasing managers Caixin China has dropped to 47.0 this month from 47.3 in August, compared to the expectations for a rise to 47 ,5.

The increase in the US manufacturing industry not show any changes month to month in September, remaining at their lowest level in almost two years, according to an industry report.

Tracking a firm trend overseas amid renewed buying by jewellers to meet wedding season demand, boosted the sentiment in the domestic marketplace.

On Wednesday, MCX Gold December contract was trading at Rs 26495 up Rs 60, or 0.23 percent.

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