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Gold climbed on safe haven demand
Gold rose to $1,142.00 (+0.84%) as continuous declines in equities and concerns over China's economy made investors seek safe haven. However bullion's upside potential is limited by a looming rate increase in the U.S. This could be the first rate hike in nearly a decade. Many analysts believe that Friday's non-farm payrolls report could determine Fed officials' readiness to raise rates when they meet on September 16-17.
Meanwhile China Federation of Logistics and Purchasing reported that the manufacturing PMI of the world's second-biggest economy fell to 49.7 in August from 50 in July, slipping below the 50 points threshold that separates expansion from contraction.
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