Monday, 10 February 2014

Comex Gold and the US & Asian Economic Situation

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.

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