By Michael Kitchen, MarketWatch
LOS ANGELES (MarketWatch) — Gold racked up more gains in electronic trade Monday, with the metal extending its Friday rally after weak data from China added to hopes for global monetary easing.
During East Asia trading hours, gold for December delivery GCZ2 +2.11% rose $5.90, or 0.4%, to $1,693.50 an ounce on the Comex division of the New York Mercantile Exchange.
The advance came on the back of a 1.8% climb Friday, after Federal Reserve Chairman Ben Bernanke said he was open to more quantitative easing.
Hopes for monetary stimulus then surfaced in China on Monday, after a key manufacturing index fell to its worst level since March 2009, with analysts seeing increased odds for fresh stimulus from Beijing. Read more on China manufacturing data.
Asian stock markets swung from losses to move solidly higher after the poor Chinese data, suggesting investors increasingly see China as likely to act to support its slumping economy. Read Asia Markets.
Silver for December delivery SIZ2 +4.69% tracked gold higher, adding 42 cents, or 1.3%, to 31.86 an ounce.
Among other metals futures, December copper HGZ2 +1.20% improved 2 cents to $3.48 a pound, while December palladium PAZ2 +2.61% rose $3.05 to $632.45 an ounce. October platinum PLV2 +2.68% added $8.50 to $1,545.80 an ounce.
Michael Kitchen is Asia editor for MarketWatch and is based in Los Angeles.
