Gold and copper lose in Asia

Gold and copper lose in Asia

On Thursday, gold and copper weakened in Asia because a major measure of China manufacturing disclosed a sag into contraction in May.

In New York, June delivery gold futures dipped 0.20%, being worth $1,2769.47 a troy ounce. In addition to this, copper futures lost 0.50%, demonstrating $2.537 a pound.

Overnight, gold jumped because signs of weakness in the American economy underpinned safe haven demand after both manufacturing as well as housing data fell short of hopes.

Gold prices were still on track just to snap a two-day losing streak because market participants piled into safe haven gold, following a downturn American Midwest manufacturing as well as pending home sales.

In May, the Chicago Purchasing Management Index inched down to 55.2 from its strongest value in more than two years. For May, financial experts had hoped for an outcome of 57.0.

Geopolitical uncertainty along with an ongoing dip in greenback, has emboldened demand for the number one precious metal notwithstanding soaring hopes that the major US bank’s poised to lift interest rates already in June.

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