Gold prices ease further in early Asia as China manufacturing data ahead

Posted on at - Gold prices fell further in early Asia on Monday with investors eyeing China manufacturing data.

China is to release official data on manufacturing activity in November that came in at 50.8 in October as well as the HSBC manufacturing index expected at 50.0.

On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at $1,153.50 a troy ounce, down 1.06%, after hitting the weakest level Nov. 14, before settling at $1,175.50 by close of trade, down $22.00, or 1.84% on Friday.

Last week, gold prices tumbled to a two-week low on Friday, as a steep decline in global oil prices and a broadly stronger U.S. dollar dampened the appeal of the precious metal.

Markets were jittery ahead of an upcoming Swiss referendum on central bank gold reserves for more trading cues.

Swiss voters are set to go to the polls on November 30 to decide whether the Swiss National Bank would have to hold at least 20% of its assets in the precious metal, up from 8% now.

The most-recent opinion poll released last week showed that support for the "Save our Swiss gold" proposal slipped to 38%, down from 44% in a survey conducted last month.

The motion, if passed, would likely boost gold prices from current levels.

Silver futures for March delivery fell 0.27% to $15.405 a troy ounce.

Copper futures for March delivery eased 0.33% to $2.835 a pound.

In the week ahead, the U.S. is to release the U.S. jobs report for November on Friday as market players attempt to gauge the strength of the world's biggest economy and its impact on the Federal Reserve's monetary policy.

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