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MTECHTIPS;-Gold gains slightly in Asia as Caixin China manufacturing PMI noted

Friday, September 30, 2016 7:20
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MTECHTIPS;-Gold gains slightly in Asia as Caixin China manufacturing PMI noted


MTECHTIPS;- Gold prices rose a tad in Asia on Friday after a key manufacturing survey from China came in as expected and investors looked ahead to more remarks from Fed policymakers. The Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward. “The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilise,” Shenzhen Zhang, director of macroeconomic analysis at Caixin said. But Zhang cautioned that an increasingly strained fiscal budget could pose a risk to sustainable growth. “Given that the growth rate of fiscal income has slowed recently while expenditures have swung, there is insufficient momentum to drive future economic growth, and there is a risk that industrial output may decline.” The official China manufacturing PMI for September from the National Bureau of Statistics and China Federation of Logistics and Purchasing will be released on Saturday and came in at 50.4 in August which was the highest since October 2014. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.09% to $1,327.15 a troy ounce.



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