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MTECHTIPS:- Gold prices in Asia steady after gains on easy monetary policies
Gold traded largely steady in early Asia on Tuesday with recent gains on easy monetary policies globally locked in and the market looking for further direction. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a narrow range and was last quoted at $1,128.60 a troy ounce, flat. Silver for March delivery traded at $14.350 a troy ounce and copper for March delivery fell 0.07% to 2.059 a pound. Overnight, gold surged on Monday to fresh three-month highs, as investors digested weak manufacturing data in China and the U.S. bolstering dovish sentiments for a delayed interest rate hike from the Federal Reserve. In overnight trading, China announced that factory activity in January tumbled to a three-year low, exacerbating fears of slowing growth in the world’s second-largest economy. Last month, China’s Purchasing Manager’s Index (PMI) fell by 0.3 to 49.4, dropping to its lowest level since 2012 and its sixth consecutive month in contraction. Meanwhile, a private survey from Caixin, which monitors smaller firms in China, inched up 0.2 from December to 48.4. Any reading under 50 provides indications of contraction in the manufacturing sector. China is the world’s largest producer of gold and the world’s second-largest consumer of the precious metal behind India. Separately, the Institute for Supply Management said Monday that its manufacturing composite index
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