Gold Edges Higher, Supported by Weak U.S. Economic Data
Gold edges higher in the early Asian session, supported by Friday's weak U.S. economic data that may enhance the haven appeal of the precious metal.
The S&P flash U.S. services PMI for February came in at 49.7, slipping into contractionary territory, while the University of Michigan's index of consumer sentiment tumbled to 64.7 at the end of February, well below January's 71.7.
Demand for gold is being driven mainly by Western investors and central banks, Commerzbank Research's Carsten Fritsch says in a research report. ETF investors also seem to be jumping on the bandwagon, the commodity analyst adds. Spot gold is 0.1% higher at $2,937.77/oz.
Source: Marketwatch