Gold prices are rallying today due to positive economic stats form China.
The gold futures contract for December delivery (NYMEX) has gained $4.7 (or 0.25%) up to $1723.80/oz.
The Chinese PMI exceeded the 50 level in October. The increased from 49.8 in September up to 50.2 last month, thereby coming up to analysts’ expectations.
According to the analysts working for HSBC, gold prices will continue growing in the near future, especially as India, the world’s major consumer of gold, is about to enter the Diwali and wedding season.
The chart below, courtesy of , reflects the current state of affairs in the market of gold.
