Markets

Gold Seen Advancing as China's PMI Boosts Demand for Commodities: Report

Gold may rise for a third straight day, as China's manufacturing expanded for the first time in three months, increasing demand prospects for commodities, Bloomberg reported.

The Standard & Poor's GSCI Spot Index of 24 raw materials advanced as much as 0.3% after China's purchasing manager's index climbed to 50.2 in October, a sign that economic growth is picking up after a seven-quarter slowdown. A reading above 50 indicates expansion. Gold gained 9.7% this year through yesterday.

Gold futures for December delivery increased 0.1 percent to $1,720.30 an ounce on the Comex in New York after reaching $1,727.50, the highest since Oct. 23.

Holdings in bullion-backed exchange-traded products expanded to a record 2,588.24 metric tons yesterday, according to data tracked by Bloomberg.

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

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


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

Other Topics

Commodities