Gold price slump could attract physical buyers
London (July 25) With gold under $1,300 eyes are on Asia, especially, for movement back into the market
More upbeat economic sentiments and a lack of catalyst on the geopolitical front is putting pressure on gold.
On Thursday, July HSBC Chinese flash manufacturing PMI came in at 52 against an expected reading of 51.2 and after June’s 50.7 – with most of the country’s provinces reporting rapid growth.
Over in the US, flash manufacturing came in last night at 56.3, short of the forecasted 57.5 and a drop of 1.0 on the previous month. On the brighter side, the US announced positive unemployment claims results as the nation continues its economic recovery, with the overall figure coming in at 284,000 – as opposed to a forecasted 310,000.
EU Flash manufacturing data came in at forecast of 51.9, while flash services PMI 54.4 beat expectations.