Gold Futures Fell Over Global Economic Slowdown

Gold futures fell on Monday after the news of increase in China’s trade deficit which raised concerns over sluggish global economic recovery. China reported its trade deficit figure of $31.38 billion in February as compared to trade surplus of $27.28 billion in the month of January. The huge trade deficit figure was beyond the expectations of economists and created a widespread uncertainty among investors.

Gold futures contract for April delivery fell 0.7 percent or $11.70 to settle at $1,699.80 per ounce on the Comex trading of the New York Mercantile Exchange. Gold was moving in bullish rally since its last three trading session the advanced 2.3 percent which finally ended on Monday. Analysts expect that if the gold is unable to gain in short term it may find support around $1,650 per ounce.

Among other metals, silver futures contract for May delivery fell 2.3 percent or $0.80 to settle at $33.41 per ounce while copper futures for the same month slipped 0.5 percent or $0.02 to settle at $3.84 per pound.

Platinum futures contract for April delivery gained 0.6 percent or $10.80 to $1,695.70 per ounce while palladium futures for June delivery declined 0.8 percent or $5.70 to $704.25 per ounce.


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