China's factory activity expanded at a faster-than-expected pace in March, official data showed, as factories that had closed for the Lunar New Year holiday resumed production to meet improving demand, according to a report in the Economic Times.
Gold prices inched lower on 31 March as data showed a faster-than-expected growth in China's factory activity weighed on the metal's safe-haven appeal, while a surge in U.S. Treasury yields added further pressure.
While Spot gold was down 0.1% to $1,683.56 per ounce on Thursday, U.S. gold futures were at $1,685.10 per ounce. The U.S. 10-year Treasury yield rose as far as 1.776% on 30 March, its highest since Jan. 22. Data showing a faster-than-expected growth in China's factory activity weighed on the metal's safe-haven appeal.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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