Gold prices higher to steady in Asia ahead of HSBC China PMI.. Gold prices were higher to steady in early Asia on Tuesday with the focus on HSBCs China flash PMI figures for September. Gold prices higher to steady in Asia ahead of HSBC China PMIGold steady as HSBC China PMI aheadOn the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,216.90 a troy ouce, up 0.08%, after hitting an overnight session low of $1,208.90 and off a high of $1,221.00. In China, the flash HSBC manufacturing PMI is due for September with a reading of a borderline between expansion and contraction of 50 expected, down from last months final of 50.2, a three-month low. Overnight, gold futures posted modest gains on Monday after disappointing U.S. housing data. The National Association of Realtors reported that existing home sales unexpectedly fell 1.8% to an annual unit rate of 5.05 million in August. Analysts had expected existing home sales to rise 1% to 5.20 million units, and the numbers weakened the greenback slightly and gave gold room to rise. The dollar has advanced in recent weeks as markets prepare for U.S. monetary policy to grow less accommodative going forward, while Europe and Japan are seen taking steps to loosen policy to stimulate their economies. Earlier Monday, European Central Bank President Mario Draghi economic activity in the euro area has slowed and added he saw a risk of a further downturn, though the dollar still remained soft on sentiments the U.S. currency was due for a breather. Silver for December delivery was down 0.04% at $17.760 a troy ounce. Copper futures for December delivery fell 0.04% at $3.042 a pound. Copper will likely move on the HSBC data as China is the worlds top importer of the metal. https://facebook/groups/1440994906133799/
Posted on: Tue, 23 Sep 2014 06:08:46 +0000
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