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Yashika Diwan
Gold prices gained on Tuesday in Asia on the back of weaker-than-expected China PMI data for the month of April.
for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.3% at $1,285.75 per ounce by 1:30 AM ET (05:30 GMT).
The official manufacturing and the for the April period both came lower than expected.
Asian stocks fell on Tuesday following the release of the data, although the and the SZSE Component traded higher.
Gold prices were under some pressure earlier this week as data showed 9-1/2 year highs in April’s U.S. consumer spending. The data boosted risk in equity markets and lowered appetite for safe havens like gold.