Gold Futures Decline on Chinese Data

Gold futures contract fell on Thursday and reached their lowest in last nine weeks. The precious metal remained lower after the less than expected Chinese manufacturing data. HSBC’s manufacturing managers’ index for China fell to its lowest in last four months in the month of March. China happens to be the top consumer of natural resources and any sign of economic slowdown in China results significantly affects the commodities markets.

Gold futures contract for April delivery declined 0.5 percent or $7.80 to settle at $1,642.50 per ounce on the Comex division of the New York Mercantile Exchange. According to most analysts, gold falling below its first support level of $1,625 per ounce would mean further correction for the precious metal. Stronger greenback also made gold less attractive as its makes the precious metal more expensive for investors with foreign currencies.

The dollar index DXY which tracks the US dollar’s movement against its major counterparts gained to 79.738 on Thursday as compared to 79.654 on Wednesday’s North American trading session.

Among other metals, silver futures for May delivery declined 2.7 percent or $0.88 to settle at $31.35 per ounce while copper futures contract for the same month fell 2.1 percent or $0.08 to settle at $3.77 per pound.

Platinum futures contract for April delivery declined 1.7 percent or $28.30 to $1,612.10 per ounce while its sister metal palladium for June delivery slipped 5.5 percent or $37.60 to $651.05 per ounce.

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