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Gold prices rose, as market participants with optimistic about China released data that showed that the manufacturing PMI rose above the level of 50 (up to 50.4), which was the first time in 13 months. Economists say that such positive data may serve as a good omen of increasing demand on the part of countries that competed with India as the largest consumer of gold in the world this year, but whose buying gold dropped amid slowing economic growth.
At the same time, many are hoping that a deal to rescue Greece may eventually be agreed that immediately display the on the euro, which had a three-week high against the dollar.
Analysts note that the gold market is likely to trade sideways, if not provided with clear comments on the problem of "financial cliff" in the United States. Recall that Federal Reserve Chairman Ben Bernanke on Wednesday reiterated a warning that it is not possible to prevent this situation will have irreparable damage to economic growth.
Meanwhile, we note that prices today vary in a narrow range, as the main U.S. stock markets are closed today in observance of the Thanksgiving holiday in the U.S.
December futures price of gold on the COMEX is now 1731 an ounce.
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