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MTECHTIPS:-Gold gains in Asia as low-interest rate outlook offers support
Monday, March 2, 2015 6:10
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MTECHTIPS:-Gold gains in Asia as low-interest rate outlook offers support
Gold prices gained in Asia on Monday after data from around the region since the weekend that investors noted mostly favored a low-interest rate environment, but also showed upbeat trends. The HSBC China final manufacturing index for February rose to 50.7 into the expansion zone and above the flash reading of 50.1. On Saturday, the People’s Bank of China cut its benchmark interest rate by a quarter percentage point to 5.35%. Also at the weekend, the February China Federation of Logistics and Purchasing (CFLP) manufacturing PMI improved for the first time in seven months, despite the Chinese New Year holiday, but remained just below the 50 mark, indicating that the sector contracted for a second straight month. The index rose to 49.9 in February from 49.8 in January. On Monday, Australia’s AI Group PMI fell 3.6 points to 45.4 in February, data released Monday showed. Also, the Melbourne Institute inflation gauge was flat in February, compared to a 0.1% expectation found in January. Business inventories in the fourth quarter in Australia fell 0.8% In Japan, CAPEX data for non-financial firms rose 2.8% in the fourth quarter. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose 0.63% to $1,220.70 a troy ounce by close of trade on Friday. Elsewhere on the Comex, silver futures for May delivery gained 1.12% to $16.743 a troy ounce by close of trade.
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