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Gold falls as investors digest China, U.S. economic data

CHICAGO
2019-12-03 05:53

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CHICAGO, Dec. 2 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange settled lower on Monday as investors digested the latest economic data from China and the United States.

China's purchasing managers' index, or PMI, beat expectations to re-enter the expansion territory as the economy showed more signs of resilience and stability.

The PMI for China's manufacturing sector firmed up to 50.2 in November from 49.3 in October, the National Bureau of Statistics said on Saturday.

The upbeat data from the world's second largest economy dented the appetite for safe-haven gold, said market watchers.

U.S. manufacturing activity continued to lag in November amid weak inventories and new orders data, according to the latest Institute for Supply Management (ISM) manufacturing report released on Monday.

U.S. manufacturing index sank to 48.1 percent in November, or 0.2 percentage point lower from the October reading.

As a result, gold settled off session lows. The most active gold contract for February delivery fell 3.50 dollars, or 0.24 percent to close at 1,469.20 dollars per ounce.

As for other precious metals, silver for March delivery was down 14 cents, or 0.82 percent, to close at 16.966 dollars per ounce. Platinum for January delivery fell 70 cents, or 0.08 percent, to settle at 899.70 dollars per ounce.
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