Gold prices were flat Friday morning, unable to extend big recent gains despite mounting evidence that China is having a rough patch economically.
A preliminary survey by Markit and Caixin showed that manufacturing activity in China slid to a 6-1/2 year lower. The Caixin manufacturing PMI declined to 47.1 in August from 47.8 in July.
China’s woes are putting pressure on global stocks and raising gold’s safe haven appeal.
Gold for December was little changed at $1153 an ounce, on track for a weekly gain of more than 3 percent.
The material has been provided by InstaForex Company – www.instaforex.com