Gold Prices Hits 15-month High, As Dollar Wilts; Investors Weight China Manufacturing Data

Gold Prices Hits 15-month High, As Dollar Wilts; Investors Weight China Manufacturing Data

On Monday Gold futures prices rose to a fresh 15-month high, closing in on the $1,300 resistance level as fresh weakness in the dollar lent support, but investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow.

Gold for June delivery on the Comex rose 0.45% to $1,296.25 a troy ounce. Markets in China are shut on Monday for a holiday.

Spot gold was up 0.4 percent at $1,299.31 an ounce, off an earlier peak of $1,299.90, its highest since January last year.

Over the weekend, the index CFLP China manuacturing April stood at 50.1, below expectations, but hanging in expansion territory. The CFLP PMI fell to 53.5 from service 53.8. Manufacturing PMI semi-official China Federation of Logistics and Purchasing and the National Bureau of Statistics slipped from the first reading higher than 50 years in eight months in March.

On the upside, this is still the second row on the reading-50 – the first time that has happened since the middle of last year. Although gauges of production, new orders and export orders fell marginally, they are still around the middle of last year.

The CFLP tried to downplay the slide in the manufacturing PMI, saying in a statement accompanying that “the stabilization trend and recovery of the economy remains intact. The modest slowdown in the index is a normal fluctuation.”

Many Asians markets and London were closed Monday for federal holidays, dampening momentum in the precious metal, which posted its biggest weekly rise from early February last week, up over 5 percent.

This was mainly boosted by the weak dollar, which recorded its worst week since 2008 against the Japanese yen after the Bank of Japan unexpectedly decided against further monetary easing. The US unit It was in the back foot on Monday.

The dollar fell to a minimum of 18 months of 106.28 against the yen on Friday, with the pair recorded its biggest weekly percentage loss since the 2008 financial crisis following the Bank of Japan decision not to adopt a policy.

In the early morning tyrade at t the Multi Commodity Exchange, gold for delivery in far-month August was trading higher by Rs 36, or 0.12%, to Rs 30,502 per 10 grams  in futures trading today as speculators widened positions, tracking a firming trend overseas.

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