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- Gold rise as global stock markets decline and on the weak Chinese manufacturing PMI data
Gold rise as global stock markets decline and on the weak Chinese manufacturing PMI data
Gold price rose as global stock markets declined and on the weak Chinese manufacturing PMI data. The Chinese manufacturing PMI fell to 49.4 in January from 49.7 in December, according to the Chinese government on Monday. It was the lowest reading since August 2012. Analysts had expected the index to decline to 49.6.
The Chinese Markit/Caixin manufacturing PMI rose to 48.4 in January from 48.2 in December. The increase was driven by a softer drop in new orders.
A weaker U.S. dollar also supported gold. The U.S. dollar fell against other currencies after the release of the U.S. economic data. The U.S. Commerce Department released personal spending and income figures on Monday. Personal spending was flat in December, missing expectations for a 0.1% gain, after a 0.5% increase in November. November's figure was revised up from a 0.3% rise.
Consumer spending makes more than two-thirds of U.S. economic activity. Consumer spending grew 2.2% in the fourth quarter, after a 3.0% increase in the third quarter.
In 2015 as whole, the U.S. consumer spending climbed 3.4%, after a 4.2% growth in 2014.
April futures for gold on the COMEX today increased to 1129.40 dollars per ounce.
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