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Gold gains as China's manufacturing data add to case for haven

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Singapore - Gold climbed after data showed a further contraction in China’s manufacturing, adding to the case for haven assets as investors boost holdings.

Bullion for immediate delivery rose as much as 0.5% to $1 123.88 an ounce and traded at $1 122.88 at 3:44pm in Singapore, according to Bloomberg generic pricing.  On Friday, prices capped a 5.4% monthly advance, with the metal holding gains even after the Bank of Japan adopted negative interest rates, boosting the dollar.

Gold has rallied this year as a global sell-off in equities spurred by concerns over the slowdown in China stoked demand. China’s official factory gauge signalled conditions deteriorated for a sixth month in January, missing economists’ expectations, while a separate measure from Caixin Media and Markit Economics also showed a shrinkage.

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