Gold prices gain in Asia as China Caixin PMI jumps - Gold prices gained in Asia on Friday as an upbeat reading on manufacturing in China aided sentiment regionally that world's second largest economy remained on track. Overnight, gold prices edged higher on Thursday, as the dollar weakened, after subdued inflation data curbed investor expectations of a rate hike later this year while renewed geopolitical tensions lifted sentiment on the precious metal.
Gold resumed its climb higher, following a two-day
consolidation, as data showed consumer spending fell short of expectations
while inflation increased at its slowest pace in nearly two years, curbing
investor expectation that the Federal will hike its benchmark rate later this
year. Meanwhile, geopolitical tensions resurfaced, lifting demand for safe
haven gold, following North Korea’s missile launch over Japan earlier this
week, as South Korea's air force conducted an exercise with two U.S.
nuclear-capable bombers above the Korean peninsula on Thursday.
SMM Nickel PMI Stays in Expansion Territory in August - SMM
survey finds that nickel purchase managers’ index (PMI) was 59.64 per cent in
August. According to SMM survey, demand in stainless steel sector kept growing,
but that from electroplating, battery, alloy and others stayed below 50 in
August. SMM Nickel Monthly Average Price Grows Sharply in August. SMM expects
the preliminary data for September to keep expanding in September.
Copper Market to Face Shortage?
WBMS Has Different Story to Tell - Market has been worried since the
beginning of this year that copper ore output will fall sharply this year due
to strike and output cuts or halts, hence potentially leading to copper supply
shortfall. LME Copper Stocks Record Biggest Fall in Over Decade. However, data
from World Bureau of Metal Statistics (WBMS) showed a different picture.
Growing Copper Supply in Guangdong Reverse Premiums into Discounts, SMM
Reports.
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