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Last Updated : Sep 02, 2015 12:54 PM IST | Source: Reuters

Gold drops after 4-day gain, weaker equities may support

Sustained losses in Asian equities could switch some funds to gold after data showed US factory activity hit a more than two-year low in August, coming on the heels of a survey showing China's manufacturing sector shrank at its fastest pace in three years last month.


Gold edged lower on Wednesday after a four-day advance that had been fuelled as uncertainty over the fate of China's economy hit global equities.

FUNDAMENTALS

* Spot gold was down 0.3 percent at USD 1,136.51 an ounce by 0048 GMT, after touching a one-week high of USD 1,147.16 on Tuesday.

* US gold for December delivery slipped 0.3 percent to USD 1,136.20 per ounce.


* Sustained losses in Asian equities could switch some funds to gold after data showed US factory activity hit a more than two-year low in August, coming on the heels of a survey showing China's manufacturing sector shrank at its fastest pace in three years last month.


* The Federal Reserve will probably only gradually raise interest rates, irrespective of whether it decides to take the first step a few months earlier or later, Boston Fed President Eric Rosengren said.

Close

* All eyes will be on Friday's US nonfarm payrolls with economists saying strong employment growth in August could help cement expectations that the Fed will raise interest rates for the first time in nearly a decade at its next meeting on Sept. 16-17.


MARKET NEWS


* Asian shares slipped after weak manufacturing activity reports from both the US and China sent Wall Street reeling, while the dollar steadied after steep losses.





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First Published on Sep 2, 2015 09:15 am
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