Investing.com - Gold prices jumped over 1% on Friday, still hovering close to the previous week’s 27-month highs as continued uncertainty following the Brexit vote and concerns over a slowdown in China lent support to the safe-haven precious metal.
On the Comex division of the New York Mercantile Exchange, gold futures for August delivery rallied 1.08% to $1,334.90.
The August contract ended Thursday’s session 0.47% lower at $1,320.60 an ounce.
Futures were likely to find support at $1,311.60, Wednesday’s low and resistance at $1,355.60, the high of June 24 and a 27-month high.
Investors were cautious as markets continued to recover from Britain’s shock decision last week to leave the European Union.
Bank of England Governor, Mark Carney, indicated on Thursday that more stimulus may be needed over the summer, sparking expectations for an upcoming rate cut.
Meanwhile, sentiment weakened after data on Friday showed that China’s Caixin manufacturing purchasing managers’ index fell to 48.6 in June from 49.2 the previous month, compared to expectations for a downtick to 49.1.
At the same time, China’s official manufacturing PMI came in at 50.0 last month from 50.1 in May, in line with expectations.
China is the world’s biggest gold consumer.
Elsewhere in metals trading, silver futures for September delivery surged 3.47% to $19.273 a troy ounce, while copper futures for September delivery slid 0.39% to $2.187 a pound.