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Gold prices up in Asia as China PMIs lift demand views

Investing.com -

Investing.com - Gold held gains in Asia on Tuesday as China PMI figures lifted the outlook for demand.

Gold for December delivery on the Comex division of the New York Mercantile Exchange gained 0.35% to $1,277.55 a troy ounce.

Also on the Comex, silver futures for December delivery rose 0.46% to $17.877 a troy ounce, and copper futures fell 0.05% to $2.206 a pound.

The Caixin manufacturing PMI soared to 51.2, a full point above the expected 50.2, and followed the semi-official China Federation of Logistics & Purchasing (CFLP) manufacturing PMI for October also at 51.2, data released on Tuesday showed, beating an expected 50.4, as the CFLP non-manufacturing PMI, rose to 54.0 from 53.7 in the previous month. China is the world's top copper importer and rivals India for the top spot in gold.

Overnight, gold prices edged lower during North America's session on Monday, as the U.S. dollar bounced back from Friday's selloff, which came after the FBI said it would review more emails related to Hillary Clinton's private email use.

On Friday, the yellow metal climbed to a four-week high of $1,285.40 as investors were rattled by news that the FBI is planning to review more emails related to Democratic presidential candidate Hillary Clinton's private server, just over a week before the election.

The revelation could damage the chances of the Democrat candidate, fueling worries about a surprise election outcome.

An ABC/Washington Post tracking survey released Sunday gave Clinton 46% support from likely voters, to Trump's 45%. Clinton was ahead by 12 points a week earlier.

The market is also keeping an eye on the outcome of the Federal Reserve's two-day policy meeting, which begins on Tuesday. The U.S. central bank is unlikely to make a move this week, as it is too close to the election with many market participants instead expecting a hike in December.

Traders are currently pricing in a less than 10% chance of a rate hike this week, according to Investing.com's Fed Rate Monitor Tool . For December, odds stood at 78%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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