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The yellow metal was trading with slim gains during noon trade in the domestic market on Monday as dismal China factory data which showed that manufacturing in the country contracted for a sixth month on the trot in January signaled a worsening slowdown in the world’s second biggest economy, bolstering the case for further monetary easing by officials, supporting the lure for Gold, which is a hedge against the inflationary risk of monetary stimulus. The China official manufacturing gauge fell to a three-year low of 49.4 in January, below the neutral mark of 50.
At the MCX, Gold futures for February 2016 contract is trading at Rs 26,651 per 10 gram, up by 0.05 per cent after opening at Rs 26,700, against the previous closing price of Rs 26,638. It touched the intra-day high of Rs 26,700. (At 12:24 PM).
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