Gold Rose 1% to Hover Near 27-Month High, Silver Jumps To 22-Month High Amid Soft China Factory Data

Gold Rose 1% to Hover Near 27-Month High

Prices of gold futures rose on Friday, hovering near 27-month high, and silver on track for its best week since August 2013 boosted by dollar weakness as a safe haven asset continued to be in demand despite an increase in risk appetite back to Brexit vote. In addition to soft production data in China and other cues of a rise in interest rates delayed by the Federal Reserve boosted the yellow metal.

On the Comex Gold for August delivery traded between $1,323.00 and $1,344.25 an ounce, up $18.40 or 1.39% on the session. On Thursday, Gold ended the first six months of 2016 up nearly 25%, completing one of its strongest first halves on record.

Spot gold was up 0.6 per cent at $1,329.66 an ounce. The yellow metal registered its biggest monthly rise since February in June and was up 1 per cent for the week so far.

Silver breached the $19 level to reach the highest since September 2014. Silver, which has gained more than 8 per cent this week, is on track for its best week since August 2013.

In China, the rate of Caixin manufacturing purchasing managers fell from 0.6 48.6 in June fell to its fastest pace in four months. It came as new orders moved lower for the month and companies cut staff levels at a solid pace sector.

Analysts had expected a reading of 49.1 see the same time, government officials Manufacturing PMI marked by a 0.1 to 50.0, falling to its lowest level since February reading of 49.0. Any reading below 50.0 provides signals contraction in the industry.

Chinese government official reading serves as an indicator of activity among large enterprises and state sector. China is the world’s largest gold producer and second largest consumer of the precious metal after India.

The dollar fell against the yen and down against a basket of six currencies and Asian stocks rose on Friday as risk appetite continued to recover from Brexit crash last week.

Global inventories rose on Thursday after the Bank of England Mark Carney said the central bank would probably need to pump more stimulus for the economy in the UK during the summer after the shock decision last week by the voters to left EU.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Free Commodity Tips


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: