GOLD MARKET UPDATE NEWS

Gold prices rose by 0.32 % on Wednesday with investors noting mixed China PMI estimates. The Caixin manufacturing PMI came in at 49.2, below the 49.3 expected, and down from the previous 49.4. Earlier in China the semi-official CFLP manufacturing PMI for May came in a bit higher than expected at 50.1, unchanged from the previous month. The non-manufacturing PMI for May came in at 53.1, down from 53.5 the previous month.

 

  Spot gold was little changed at $1,215 an ounce at 0330 GMT. Bullion gained 0.8 percent on Tuesday in its biggest one-day gain since May 13.

 

  China is the world's largest producer of gold and the world's second-largest consumer of the yellow metal behind India. Gold futures for June 2016 contract, at MCX, were trading at Rs. 28,720 per 10 grams, up by 0.32 % after opening at Rs. 28,611 against the previous closing price of Rs. 28,627. It touched the intra-day high of Rs. 28,720 till the trading. (At 12.40 PM today).

 

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