Investing.com - Gold and copper prices got a boost on Wednesday in Asia on data that showed a better than expected figure for China manufacturing in March and an overall solid tone from data and surveys in Australia and Japan.
On the Comex division of the New York Mercantile Exchange, gold for June delivery rose 0.30% to $1,186.80 a troy ounce.
Elsewhere, silver futures for May delivery rose 0.48% to $16.678 a troy ounce.
Copper futures for May delivery gained 0.53% to $2.753 a pound.
A busy start to the second quarter with Australia releasing the AI Group Manufacturing Index for March that showed a 0.9 point gain to 46.3. In February the index gave back 3.6 points just when it looked set to capture the 50.0 mark.
Manufacturing is getting a boost from a fall in the exchange rate, but headwinds continue from other directions preventing the index from rising into expansion.
In the latest month manufacturers noted the further drop in mining construction, the progressive closure of motor-vehicle assembly and subdued local business investment in equipment.
In Japan, the first quarter Tankan business survey showed plus-15, below the expected at plus-16, but, up from plus-12 in December for the first rise in two quarters.
Australia February building approvals fell 3.2% month-on-month, less than the 4.0% month-on-month fall expected after a 7.9% gain in January.
Later, the RBA's March Commodity Price Index is due at 1630 (0530 GMT) which showed a 2.7% month-on-month fall in February and 20.6% in year-on-year terms.
In China, the March CFLP manufacturing and services PMI rose to 50.1, better than the dip to 49.7 expected and up from February's 49.9.
The HSBC (LONDON:LONDON:LONDON:HSBA) final PMI for March clocked in at 49.6, better than the 49.3 expected. Investors were shaken by the flash reading showing a surprising fall to 49.2 from February's final 50.7, with slack domestic demand taking the blame.
Overnight, gold futures edged lower on Tuesday amid a modest uptick in the U.S. dollar on the final day of trading in March, as the precious metal posted its second consecutive monthly loss.
Global investors also awaited a potential deal regarding the destabilization of Iran's nuclear program. Iran and a group of six major world powers reportedly moved closer to a preliminary accord on Tuesday afternoon in Lausanne, Switzerland, but had yet to reach a deal ahead of a midnight deadline. There were indications that the most complex issues would be deferred for a final agreement in three months.
In a briefing with reporters on Tuesday afternoon, White House press secretary Josh Earnest said talks with Iran could extend into Wednesday. Earnest added that the White House is interested in continuing negotiations on Tuesday as "long as they are productive."
Elsewhere, Greece failed to reach an initial deal with its troika of creditors deemed necessary to stave off bankruptcy. Describing Greece's proposal of austerity measures as a "list of ideas," rather than "a concrete plan," officials from the European Union and the International Monetary Fund dismissed the Greek package of reforms measures that are required to unlock critical aid.
Greece's inability to reach a deal with its creditors has stoked fears that it could leave the European Union and eventually default on its sovereign debt.