China
International futures prices of gold and silver rose on Wednesday.
As of the close of trading, the gold futures for June delivery on the New York Mercantile Exchange rose 0.53 percent to settle at 4,535.30 U.S. dollars per ounce.
The silver futures for July delivery gained 1.36 percent to close at 76.181 U.S. dollars per ounce.
Gold, silver futures prices rise on Wednesday
The eurozone composite purchasing managers' index (PMI) -- a key indicator of business activity -- fell to 47.5 in May, the lowest level in 31 months, according to data released in an S and P Global report on Thursday.
The report said that increased cost pressures have led to a contraction in business activities in the eurozone.
The service sector, a key pillar of the economy, took a heavy hit, with its PMI plunging to 46.4, a 63-month low.
Meanwhile, the manufacturing PMI stood at 51.4, suggesting the pace of expansion slowed to its weakest since January.
The report quoted Chris Williamson, chief business economist at S and P Global Market Intelligence, as saying that the preliminary PMI data for May showed the war in the Middle East has been weighing increasingly heavily on the eurozone economy.
The eurozone economy is expected to contract by 0.2 percent in the second quarter, while inflation could approach 4 percent in the coming months, according to Williamson.
Eurozone composite PMI falls to lowest level in 31 months
