Gold futures rose Monday, posting the highest close since before the holidays, as traders returned to their desks amid mounting geopoitical tensions and weak stocks.
Concerns about the Chinese economy were exacerbated today by disappointing manufacturing data, giving gold a modest lift thanks to its safe haven appeal.
A report released by Markit and Caixin showed that their index of Chinese manufacturing activity fell to 48.2 in December from 48.6 in November. The reading below 50 indicates a continued contraction.
There was also disappointing economic news from the U.S, including a report from the Institute for Supply Management showing a continued contraction in manufacturing activity.
Feb. gold settled at $1,075.20/oz, up $15, or 1.4%.
The material has been provided by InstaForex Company – www.instaforex.com