Gold futures edged slightly higher during Asian trading hours Thursday after data signaled an improvement in manufacturing conditions in China and amid expectations that seasonal demand from India could aid prices. “Gold prices are likely to move higher in the short term and may be helped by a pickup in Indian festive buying ahead of Diwali and the Indian wedding season, we believe," strategists at HSBC wrote in a report. Gold for December delivery rose $2.50 an ounce to $1,721.60, extending a gain from regular trading on the Comex division of the New York Mercantile Exchange Wednesday, when the precious metal climbed $7 to $1719.10 an ounce. Read: Gold gains as floor trading reopens. The HSBC strategists said gold has likely been supported recently by month-end position squaring, and could see more upside after managing to stay above the $1,700 an ounce mark. Meanwhile, Edward Meir, strategist at INTL FCStone, said that caution ahead of monthly employment data from the U.S. may limit market moves in the short term. “With the nonfarm payroll numbers out on Friday and U.S. elections approaching next week, investors will gravitate to the sidelines and likely defer from taking any major positions," he said. December silver futures were up 6 cents at $32.38 an ounce while December copper futures rose 2 cents to $3.53 per pound. Platinum for December delivery declined $2.70 to $1,574.30, while January palladium futures slipped $1.15 to $608.65 an ounce. Marketwatch
