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The price of gold has become one of the dominant themes in global markets over the past couple of years as the financial crisis unravelled. The Gold wrap reports on the latest trends in the price of the precious metal as well as factors influencing the demand for the safe haven asset.
Gold rises as US dollar falls on manufacturing dataFebruary 01 2012, 4:20pm
Gold was on the rise today as stronger than expected manufacturing data that was released in China and Europe reduced demand for the safe haven US dollar, an alternative investment to the yellow metal.
China’s official PMI index for January came in at 50.5, indicating that the manufacturing sector in the world’s second largest energy consumer expanded at a faster pace than in December when the gauge reached 50.3.
In Europe, the Markit/CIPS manufacturing index for the euro zone improved from 46.9 in December to 48.8 last month.
The strong manufacturing data helped the markets shrug off today’s jobs figures from payrolls processor ADP. The data showed that the private sector created 170,000 jobs in the US last month against expectations for a gain of up to 190,000.
In addition, the 325,000 gain reported for December was revises downwards to 292,000.
Gold traded at US$1,747/oz, up US$10 from Tuesday’s close. Silver rallied 68 cents to US$33.81/oz and platinum added US$23 to reach US$1,609/oz.
Today’s top risers in the sector were:
GMA Resources (LON:GMA), up 32 percent at 0.29 pence at midday
Orsu Metals (LON:OSU), up 28 percent at 12.95 pence
Shanta Gold (LON:SHG), up 9 percent at 30.75 pence
Medusa Mining (LON:MML), up 8 percent at 396.84 pence
Chaarat Gold Holding (LON:CHG), up 6 percent at 25.75 pence
The top fallers were:
Angel Mining (LON:ANGM), down 16.5 percent at 2.55 pence at midday
Hambledon Mining (LON:HMB), down 15.5 percent at 3.39 pence
GGG Resources (LON:GGG), down 9 percent at 16.6 pence
Oxus Gold (LON:OXS), down 5 percent at 1.24 pence
Greatland Gold (LON:GGP), down 4 percent at 1.25 pence
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