MTECHTIPS:-Gold prices see-saw in Asia as investors look ahead to Greece

MTECHTIPS:-Gold prices see-saw in Asia as investors look ahead to Greece

Gold prices fell see-sawed in Asia on Wednesday as investors eyed a manufacturing survey from China and awaited events in Greece for more direction. The final reading of the Markit manufacturing China PMI came in at 49.4, compared to the flash of 49.6 and May’s final 49.2. “The final reading of the HSBC China Manufacturing PMI pointed to a further decline in the health of the manufacturing sector in June,” Markit economist Annabel Fiddes said. “This was predominantly driven by the sharpest rate of job shedding across the sector since early 2009 while output also fell slightly on the month. On the upside there were some signs of improvement in the shape of renewed increases in total new orders and new export business – suggesting that client demand both at home and abroad is reviving. However, it is likely that more stimulus measures will be required to ensure that the sector can regain growth momentum and to encourage job creation.” Also in China, the June semi-official CFLP manufacturing and services PMI came in at 50.2, just a tad below the 50.3 expected and unchanged from the previous month. Earlier, Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today: “I confirm that the SDR 1.2 billion repayment (about €1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared. I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”
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