Commodity Trading Tips: Gold prices rose on Monday after mixed
manufacturing and services data out of China bolstered expectations for
continued easy global monetary policies. In China the semi-official
manufacturing PMI for January reached 49.4, missing the 49.6 level seen
and remaining in contraction and the Caixin Manufacturing PMI index came
in at 48.4, a bit above the expected 48.0.
At the MCX, Gold futures for February 2016 contract is trading at Rs
26,640 per 10 gram, up by 0.01 per cent after opening at Rs 26,700,
against the previous closing price of Rs 26,638. It touched the
intra-day high of Rs 26,700. (At 12.00 PM today).
In the week ahead, investors will be focusing on Friday’s U.S. nonfarm
payrolls report for January to gauge if the world's largest economy is
strong enough to withstand further rate hikes in 2016.
Market players will also be looking out for reports on the manufacturing
sector due on Monday, amid ongoing concerns over the health of the
world's economy.
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