Gold prices go up amid mixed China PMI data
On Wednesday, gold went up with traders paying attention to mixed China MPI estimates.
In New York, August delivery gold futures soared 0.34%, trading at $1,221.65 per troy ounce. July delivery silver futures closed +0.35% at $16.050. At the same time, July delivery copper futures tumbled 0.43%, being worth $2.075 a pound.
The Caixin manufacturing PMI demonstrated 49.2. it’s lower than the expected 49.3 and down from the previous reading of 49.4.
Earlier in China the CFLP manufacturing PMI for May showed a slightly higher result than supposed, being intact at 50.1 from last month. As for non-manufacturing PMI for May, it was at 53.1, compared to the previous month’s outcome of 53.5.
China appears to be the world's top copper importer as well as the world's number one producer of gold, not to mention the world's second-largest consumer of this popular yellow metal, leaving India behind in this regard.
On Tuesday, gold surged amid a relatively flat greenback, because of mixed American economic data.