Gold and silver fell in early Asia on Monday after China PMI final data for July came in weaker than expected. Gold for August delivery on the Comex division of the New York Mercantile Exchange fell 0.12% to $1,093.90 a troy ounce. Market players are watching the PMI amid concern that further sharp drops in China's stock market could spread to other parts of the economy, triggering fears that the Asian nation's demand for the industrial metal will decline. Gold has been under heavy selling pressure in recent weeks amid speculation the Fed will raise interest rates for the first time in nine years in the coming months.


Copper utilization rate at major Chinese wire & cable makers dropped 2.74 percentage points on the month in July to 75.74%, SMM’s most recent survey indicates. LME copper prices hit a low of USD 5,211/mt last Friday and closed at USD 5,224/mt, down by USD 34/mt. Many investors left the market before release of China’s manufacturing data. The US economic figures reported last Friday turned out disappointing, with the hiring cost posting smallest rise in 33 years. The US dollar index presented a brief drop, capping the decline in copper prices. However, the red metal resumed the downtrend after the dollar rallied.



Crude oil prices fell further in Asia on Monday after a disappointing manufacturing survey from China. On the New York Mercantile Exchange oil futures for September dipped 0.70% to $46.80 a barrel. Last week, crude oil futures fell sharply on Friday to cap the worst monthly performance since the 2008 global financial crisis as ongoing concerns over a glut in world markets continued to drive down prices. Industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. increased by five last week to 664, the second straight weekly gain.