 "Gold advances for second time in three days")
Gold rose for the second time in three sessions as economic reports in China and Japan fueled speculation that the governments will expand stimulus measures, increasing demand for bullion as a store of value.
The Purchasing Managers' Index was 50.9 in March, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Monday, compared with the 51.2 median estimate of analysts. The Bank of Japan's quarterly Tankan survey showed confidence among big Japanese manufacturers improved less than economists estimated.
"People expect some kind stimulus measures out of Asia to perk up growth in the region," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview.
Trading was 66 percent below the 100-day average for this time of day, data compiled by Bloomberg show.
Silver futures for May delivery fell 1.4 percent to $27.92 an ounce on the Comex, after touching $27.825, the lowest since Aug. 16. Since closing at a peak of $35.101 on Oct. 4, the price has lost 20 percent, regarded by some investors as the definition of a bear market.
One ounce of gold bought as many as 57.23 ounces of silver on Monday, the most since August.
The Purchasing Managers' Index was 50.9 in March, the National Bureau of Statistics and China Federation of Logistics and Purchasing said on Monday, compared with the 51.2 median estimate of analysts. The Bank of Japan's quarterly Tankan survey showed confidence among big Japanese manufacturers improved less than economists estimated.
"People expect some kind stimulus measures out of Asia to perk up growth in the region," Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview.
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Gold futures for June delivery rose 0.1 percent to $1,596.90 an ounce at 9:36 a.m. on the Comex in New York. The precious metal declined for two straight quarters, the longest slump in 12 years, on concern that the U.S. may end stimulus measures as the economy recovers.
Trading was 66 percent below the 100-day average for this time of day, data compiled by Bloomberg show.
Silver futures for May delivery fell 1.4 percent to $27.92 an ounce on the Comex, after touching $27.825, the lowest since Aug. 16. Since closing at a peak of $35.101 on Oct. 4, the price has lost 20 percent, regarded by some investors as the definition of a bear market.
One ounce of gold bought as many as 57.23 ounces of silver on Monday, the most since August.