Gold rises after China’s PMI worries investors
Gold is generally used by investors as a safe-haven investment in times of economic and political concern
Bengaluru — Gold prices edged up on Tuesday as disappointing Chinese factory activity data brought back concerns about the health of the global economy, denting risk appetite. Spot gold rose 0.4% to $1,285 per ounce at 9.43am GMT. US gold futures were up 0.4% at $1,286.20 an ounce. "The weaker Chinese PMI is a supportive element and aiding gold. Also, from a technical point of view, we have seen a rebound from $1,280, which is a good support level," said Carlo Alberto de Casa, chief analyst with ActivTrades, adding that a weaker dollar was also helping gold. "[I] don't see much room for decline in prices from here and only the strength of the US dollar can hurt gold." European equity markets nudged down on Tuesday, following weaker Asian stock markets as the latest Chinese data pointed to some fragility in the world's second-largest economy despite Beijing's attempts to spur growth. Gold is generally used by investors as a safe-haven investment in times of economic and political con...
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