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Gold prices ease slightly after China data shows mixed picture
By INVESTING.COM
03/06/2014
 
Investing.com

Investing.com - Gold prices eased in Asia on Tuesday with mixed data from China weighing on demand prospects from one of the world''s top importers.

Chinese non-manufacturing PMI for May rose to 55.5, the highest since November, from 54.8. The HSBC Manufacturing PMI May final came in at 49.4, lower than the 49.7 in the "flash" reading, but still above the 48.1 final in April.

On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,243.60 a troy ounce, down 0.03%, after hitting an overnight session low of $1,241.20 and off a high of $1,251.00.

Overnight in the U.S., the Institute of Supply Management originally reported that its manufacturing purchasing managers'' index for May ticked down to 53.2 from 54.9 a month earlier, before correcting it two times, once to 56.0 and a second time to 55.4.

While the corrections confused markets, gold remained lower, as any figure over 50 signifies expansion.

Analysts were originally expecting a 55.5 reading.

Technical selling and waning physical demand in Asia sent prices falling as well.

Silver for July delivery was up 0.26% at $18.788 a troy ounce. Copper futures for July delivery fell 0.38% at $3.155 a pound. China is the world''s top copper importer.

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