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MTECHTIPS:- Gold surges to 3-month high amid weak China, U.S. manufacturing data

Tuesday, February 2, 2016 3:09

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MTECHTIPS:- Gold surges to 3-month high amid weak China, U.S. manufacturing data

Gold surged on Monday to fresh three-month highs, as investors digested weak manufacturing data in China and the U.S. bolstering dovish sentiments for a delayed interest rate hike from the Federal Reserve. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,115.30 and $1,129.00 an ounce, before settling at $1,127.30, up 10.60 or 0.95% on the session. At one point, gold soared to its highest level since November 3 when it rose above $1,130. Gold has closed higher in three consecutive sessions and five of the last seven. Over the last month of trading, the precious metal is up by more than 6%. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,175.10, the high from Oct. 28. In overnight trading, China announced that factory activity in January tumbled to a three-year low, exacerbating fears of slowing growth in the world’s second-largest economy. Last month, China’s Purchasing Manager’s Index (PMI) fell by 0.3 to 49.4, dropping to its lowest level since 2012 and its sixth consecutive month in contraction. Meanwhile, a private survey from Caixin, which monitors smaller firms in China, inched up 0.2 from December to 48.4. Any reading under 50 provides indications of contraction in the manufacturing sector. China is the world’s largest producer of gold and the world’s second-largest consumer of the precious metal behind India.

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