Gold Prices Gain Through PMI Data In China By Investing.com

Investing.com – Gold prices rose Tuesday in Asia thanks to weaker than expected Chinese PMI data for the month of April.

for the June delivery, traded on the Comex division of the New York Mercantile Exchange, rose 0.3% to $ 1,285.75 an ounce at 1:30 am EST (5:30 GMT) ).

The official manufacturing PMI and Caixin PMI for the April period were both below expectations.

Asian stocks fell on Tuesday following the release of Chinese data, although the component and the SZSE component traded higher.

Gold prices were under pressure at the start of the week as data showed 9-1 / 2-year highs in US consumer spending in April. The data has increased the risk on equity markets and have reduced the appetite of safe havens like gold.

The price index of personal consumption expenditure, excluding food and energy, slowed down to 1.3% in the last 12 months of March, compared with 1.8% the previous month.

Traders are also very interested in China and the United States. trade talks as the United States and China are ready to launch the latest round of talks this week in Beijing.

Earlier, US Treasury Secretary Steve Mnuchin told The New York Times that the talks were "in the last rounds", while US President Donald Trump announced last week that he would welcome Chinese leader Xi Jinping to the White House and could sign a possible trade agreement There.