Gold scores modest gain after China PMI data

Gold market update for Friday, August 23rd:  Thursday saw a strong rally in gold that eventually tapered off by the end of the day in New York trading. Better-than-expected manufacturing data from China helped support gold, but a strengthening dollar slowed demand somewhat. While gold briefly touched $1380, it ended up settling at $1370, or up 0.2%. This follows a slight decline on Wednesday following the Fed’s policy meeting in which they announced they still anticipate tapering stimulus by year’s end.  This slide was halted by strong numbers from China’s Purchasing Managers Index (PMI). Similar data from the Eurozone and the U.S. has been largely positive, although jobless claims in the U.S. are at their highest levels in over a month. Read more…