Gold rose, snapping two days of losses, after data showed China’s manufacturing contracted in May for the first time in seven months, boosting haven demand as equities fell. Silver, platinum and palladium declined.
Spot gold gained as much as 0.5 percent to $1,376.98 an ounce and traded $1,376.86 at 2:06 p.m. in Singapore. Prices lost 1 percent earlier after U.S. Federal Reserve Chairman Ben S. Bernanke hinted at scaling back stimulus should the world’s largest economy improve further, driving the dollar higher.
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