Bengaluru — Gold rose on Tuesday as a lacklustre Chinese manufacturing activity data pushed Asian shares down, rekindling concerns about the health of the global economy. Meanwhile, investors braced for a raft of euro-zone data and the US Federal Reserve’s two-day policy meeting, which begins later in the day. Spot gold was up 0.2% at $1,282.08 per ounce at 3am GMT. US gold futures were up 0.2% at $1,283.90 an ounce. “There is a broad bearish sentiment across Asia market opening this morning as a very disappointing China manufacturing PMI triggered a sell-off in currencies and emerging markets and equity markets,” said Margaret Yang, an analyst with CMC Markets in Singapore. Reading on the official purchasing managers’ index (PMI) in for manufacturing unexpectedly fell to 50.1 in April from March’s reading of 50.5 stoking concerns about the economic state of China and pushing Asian equities lower. Gold is generally used by investors as a safe haven investment against economic and ...
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