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Gold Rises, Treasury Yields Fall After Weak Manufacturing Data

CommoditiesMar 15, 2019 10:59
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Investing.com - Gold prices rose on Friday while the yield on the 10-year note Treasuries fell to a two-month low after weaker-than-expected data from the manufacturing sector supported demand for haven assets.

Comex gold futures for April delivery jumped 0.8% to $1,304.65 an ounce by 10:37 AM ET (14:37 GMT) after falling to an overnight low of $1,293.75. The yield on the benchmark U.S. States 10-year Treasury bond fell 5 basis points to 2.59%, a level not seen since early January.

Manufacturing activity in the New York area fell unexpectedly in March, hitting its lowest level since 2017, while U.S. manufacturing production also registered a surprise decline, falling for a second consecutive month.

In other news, Chinese Vice Premier Liu He spoke to U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer by telephone on Friday, Xinhua news agency reported, claiming 'substantial progress' in talks between the two sides.

While the news is positive, traders remained cautious over when a deal will be made, as Mnuchin said Thursday that a summit to secure a trade agreement between President Donald Trump and Chinese President Xi Jinping would not happen before April.

Tensions over Brexit - a factor that has been supportive of gold prices in recent months - seemed to ease slightly, as British lawmakers voted to delay to the country’s exit from the European Union.

The news came after British Prime Minister Theresa May’s Brexit deal again failed in parliament on Tuesday. A day later, U.K. lawmakers rejected leaving the EU without a deal, although that still may happen by default unless the EU agrees to extend the March 29 deadline.

Other metals were higher on the Comex, with silver futures up 1.2% at $15.357 a troy ounce. Among other precious metals, Platinum futures rose 0.6% to $832.70 while Palladium Futures inched up 0.06% to $1,515.45 an ounce. Copper futures gained 0.5% to $2.908 a pound.

Gold Rises, Treasury Yields Fall After Weak Manufacturing Data
 

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