Comex gold prices are
reasonably higher in U.S., held up on short covering and bargain
pursuing accompanied by a firmly lower U.S. dollar index. Profits in
gold and silver have been to some extent limited by
commodity-market-bearish economic data evolving out of China. The
gold price was last up by $9.90 at $1,248.40 an ounce. Spot gold has
been reported last to be up by $11.40 at $1248.75. Comex silver that
was last traded was up by $0.226 at $20.065 an ounce.
Barry Sendach
has reported that China’s flash purchasing managers index (PMI) see
a drop of 49.6 in January’14 from 50.5 in December, 2012—the
lowest reading recorded in the last six months. A PMI count below
50.0 advocates slimming down of the manufacturing sector. This news
brings down the Asian stock markets to a lesser degree of European
stocks. The scrawny data is also a bearish fundamental factor for the
raw commodity sector, China being the world’s largest consumer of
metals and other raw materials.
U.S. financial data
released recently also includes the weekly jobless claims report, the
flash manufacturing PMI, the Chicago Fed national activity index, the
monthly house price index, existing home sales, leading economic
indicators, the Kansas City Fed manufacturing survey and the weekly
DOE energy stocks report.
