Investing.com - Gold prices held stronger in Asia on Thursday in a rebound from overnight trade as China''s manufacturing sector showed a surpising burst of upward momentum.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,292.60 a troy ounce, up 0.35%, after hitting an overnight session low of $1,286.40 and off a high of $1,296.40.
China''s HSBC May flash manufacturing PMI rose to 49.7, well above expectations of matching the April reading of 48.1.
China rivals India as the world''s top importers of gold.
Investors were eager to view the minutes from the Fed’s April monetary policy meeting for insight on the central bank''s view of the economy.
The Fed has been tapering its asset-purchasing program this year amid signs that the recovery in the labor market is continuing, but has also reiterated that rates are likely to remain at record lows for a considerable time after the stimulus program ends.
Past and present rounds of Fed asset purchases have bolstered gold prices since the 2008 collapse.
On Tuesday, New York Fed President William Dudley reiterated the central bank’s dovish stance, saying the pace of rate hikes was likely to be “slow”.
Still, Philadelphia Fed President Charles Plosser said rates should rise sooner rather than later, which boosted the dollar on Wednesday.
Silver for July delivery was up 0.49% at $19.432 a troy ounce. Copper futures for July delivery were up 0.47% at $3.141 a pound.
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