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.
Twitter •
Most Popular Content
- Gold Flying and Making New All Time Highs
- Gold Prices Slip Ahead of Anticipated Economic Data
- Oil Prices Surge From Lows Amid Mixed Global Signals
- U.S. Stock Indices: A Dance Between Optimism and Fear
- Gold Prices Dance with CPI Data and the Fed
- Oil Prices Surge Amid Record Demand and Supply Tightening
- Gold Steady As US Dollar Index Tries to Make Gains
- Some Respite for Crude Oil within Bear Trend
Currency Articles - May 22, 2019 15:21 - 0 Comments
The Pound is in Freefall – When Will It Stop?
More In Currency Articles
- GBP Gets Ready for an Unpredictable Day with Meaningful Vote 2
- British Pound Stays Strong Whilst The Dollar Remains Weak
Gold and Oil News - Mar 30, 2024 10:37 - 0 Comments
Gold Flying and Making New All Time Highs
More In Gold and Oil News
- Gold Prices Slip Ahead of Anticipated Economic Data
- Oil Prices Surge From Lows Amid Mixed Global Signals