Gold Decline as Investors Weigh China Data, Trade News

Monday, 2 December 2019 13:06 WIB



Gold declined after data on China’s economy pointed to an improvement, curbing demand for havens as equities rose. Investors also assessed the latest on trade, with the Global Times reporting that Beijing wants tariffs to be rolled back as part of a phase-one trade deal with the U.S.

A gauge of China’s manufacturing jumped unexpectedly in November, signaling a recovery in activity amid state support and stabilizing global growth. The official manufacturing purchasing managers’ index rose to 50.2, according to a weekend release. That’s the first reading above 50 since April, which indicates an expansion. A private gauge on Monday also showed an increase.

Still, optimism was tempered somewhat after central bank governor Yi Gang sounded a cautious tone on the health of the global economy, while signaling that policy makers will continue to refrain from large-scale easing.

Spot gold as much as -0.4% to $1,458.91/oz, and at $1,460.11 at 1:19pm in Singapore.

Source : Bloomberg


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