Home / TIPS / MTECHTIPS:-Gold prices mostly flat in Asia as China, other Asian PMI data mixed.

MTECHTIPS:-Gold prices mostly flat in Asia as China, other Asian PMI data mixed.

MTECHTIPS:-Gold prices mostly flat in Asia as China, other Asian PMI data mixed.

 Gold was mostly flat in Asia on Thursday amid a slew of data that pointed to a mixed view on manufacturing in the region and with China markets shut for a holiday.  On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.02% to $1,115.00 a troy ounce, while silver for December delivery rose 0.32% to $14.565 a troy ounce. Copper for December delivery surged 1.45% to $2.374 a pound. Today, China starts a week-long holiday to mark the country’s National Day, but surveys on manufacturing and services were released. The official CFLP manufacturing PMI improved slightly to 49.8 in September, and beat an expectation of 49.6, as it inched toward expansion territory above 50 thanks to strong gains in new orders and production. The Caixin manufacturing PMI for September came in as expected at 47.2 and above the flash manufacturing PMI reading of 47.0, the lowest since March 2009. The Caixin Services index came in at 50.5, compared to 51.5 in August. The Bank of Japan’s quarterly Tankan survey showed the large manufacturing index in the latest quarter at +12, from +15 in June and a +13 expected. manufacturers more cautious.Backed by record profits, companies have high capital investment plans but they are putting some of them on hold until prospects improve, likely leading the BoJ to maintain the pace of its asset purchases at its two-day policy meeting on Oct. 6-7 in the absence of a major external shock that could threaten the path to stable 2% inflation. But at its Oct. 30 meeting, the BoJ board is likely to lower its median GDP and CPI forecasts for fiscal 2015 as exports, spending and capex remain weak.

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