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23 Sep 2014
Gold rebounds from 9-month low on stronger Chinese data
FXStreet (Moscow) - Gold showed a mild rebound on Tuesday, as it got some help from better than expected Chinese PMI data.
Data today showed a Chinese manufacturing gauge beat estimates printing 50.5 vs 50.0 expected, and confirming the fears of economic slowdown in the second largest economy were exaggerated.
The yellow metal hit its lowest level since January, 2014 on the Chinese Minister of finance comments on Monday. Yesterday, the official dampened speculation the goverment would boost economic stimulus, and it sent the prices to $1,208.19 an ounce.
Gold is currently trading at $1,217.20, recording a 0.17% gain on Tuesday and heading for its second day of rise in a row. The US Manufacturing data is in focus for tonight, and may have some mild impact on the metal.
Data today showed a Chinese manufacturing gauge beat estimates printing 50.5 vs 50.0 expected, and confirming the fears of economic slowdown in the second largest economy were exaggerated.
The yellow metal hit its lowest level since January, 2014 on the Chinese Minister of finance comments on Monday. Yesterday, the official dampened speculation the goverment would boost economic stimulus, and it sent the prices to $1,208.19 an ounce.
Gold is currently trading at $1,217.20, recording a 0.17% gain on Tuesday and heading for its second day of rise in a row. The US Manufacturing data is in focus for tonight, and may have some mild impact on the metal.