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.
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