Gold higher, steadies above $1,900-mark over mixed Chinese data

31.05.2021 - Petr Mazaylo
Gold higher, steadies above $1,900-mark over mixed Chinese data

Gold shone brightly on Monday trade in Asia as the dollar weakened and bond yields lowered after investors digest Chinese economic data.

Gold futures advanced 0.15% to $1,908.25 by 1:49 AM ET, remaining above the $1,900-mark. The gold contract rolled over to the Aug 21 contract on May 30.

The dollar, which usually moves inversely to gold, inched up on Monday and the Benchmark U.S. 10-year Treasury yield fell to 1.593%.

As reflected by Chinese data, the Manufacturing Purchasing Managers Index went lower-than-expected at 51-level. The non-manufacturing PMI was 55 in May, both remaining above the 50-mark indicating growth.

In the United States, economic data released on Friday posted a stronger-than-expected 3.1% year-on-year in April for the Core Personal Consumption Expenditure Price Index.

In other precious metals, palladium lowered 0.2%. Silver advanced 0.2% and platinum improved 0.5%.

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