Gold slumps modestly on China PMI
Bearish supply data showing supplies fell less than expected last week sent prices plunging earlier to attractive levels
Gold prices dropped slightly in Asian trading Friday after China’s manufacturing PMI came in lower than expected. Signs that the economic recovery in the world’s second largest economy may be faltering stoked demand for the safe-haven dollar.
Still, the data was not a complete disaster, so the losses in gold were limited.
Gold futures were likely to test support at USD1,655.35 a troy ounce, the low from January 28, and resistance at USD1,682.95 the high from Wednesday.
The yellow metal was sluggish as data out of China came in surprising worse than expected. Economists had forecast an official Chinese manufacturing PMI of 50.90, actual result was only 50.40 -- down from the previous reading of 50.60.
A reading over 50 signals economic expansion, while a reading under 50 suggests contraction. Although the report showed that China’s manufacturing sector was expanding, the pace of expansion was worse than expected.
Still, the data was not a complete disaster, so the losses in gold were limited.
Gold futures were likely to test support at USD1,655.35 a troy ounce, the low from January 28, and resistance at USD1,682.95 the high from Wednesday.
The yellow metal was sluggish as data out of China came in surprising worse than expected. Economists had forecast an official Chinese manufacturing PMI of 50.90, actual result was only 50.40 -- down from the previous reading of 50.60.
A reading over 50 signals economic expansion, while a reading under 50 suggests contraction. Although the report showed that China’s manufacturing sector was expanding, the pace of expansion was worse than expected.
Crude oil near unchanged after employment data from Japan, US
Crude oil futures were largely unchanged during Asian trading Friday, after employment data suggested that the U.S. and Japanese economic recoveries may be faltering.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD97.48 a barrel, down just 0.02% on the session. Crude oil futures were up from a session high of USD97.69 per barrel, and down from a session low of USD97.39 per barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in March traded at USD97.48 a barrel, down just 0.02% on the session. Crude oil futures were up from a session high of USD97.69 per barrel, and down from a session low of USD97.39 per barrel.
Natural gas prices erase earlier losses amid bargain hunting
Natural gas futures erased earlier losses on Thursday and rose after investors viewed the commodity as oversold.
Bearish supply data showing supplies fell less than expected last week sent prices plunging earlier to attractive levels
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