Gold gains in Asia as China Caixin PMI goes up

Gold gains in Asia as China Caixin PMI goes up

On Friday, gold surged in Asia because a positive reading on manufacturing in China backed market sentiment regionally that world's number two economy was still on track.

December delivery gold futures surged 0.17% in New York being worth $1,324.40 a troy ounce.

In August, the Caixin manufacturing PMI leapt to 51.6, surpassing a 50.9 reading expected, as data disclosed on Friday, displaying the fastest tempo of new orders for three years.

Overnight, gold ascended because the evergreen buck dropped after subdued inflation data curbed hopes for a rate lift later in 2017, while renewed geopolitical tensions raised sentiment on the precious commodity.

Gold resumed its ascend reacting to a two-day consolidation because data revealed that consumer spending suddenly fell short of expectations. At the same time inflation grew at its slowest tempo in almost two years, thus curbing investor expectation that the Fed will raise its benchmark rate later in 2017.

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