Gold prices rose with investors noting mixed China PMI estimates. The Caixin manufacturing PMI came in at 49.2, below the 49.3 expected, and down from the previous 49.4.
Earlier in China the semi-official CFLP manufacturing PMI for May came in a bit higher than expected at 50.1, unchanged from the previous month.
The non-manufacturing PMI for May came in at 53.1, down from 53.5 the previous month. China is the world's largest producer of gold and the world's second-largest consumer of the yellow metal behind India.
Further, a weaker dollar raised the appeal of gold as an alternative asset.
Further, a weaker dollar raised the appeal of gold as an alternative asset.
Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
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