The gold price edged lower in Asian trading hours on Tuesday following the release of better-than-expected data from Japan and China.
Spot gold recently traded at $1,100.4/1,101.2 per ounce on Tuesday morning, down $3.1 on Monday’s close. Trade had ranged from $1,094/1,107.3 so far this morning.
This morning, data that came out of Japan and China were positive and better-than-expected. The Japan M2 money stock was at 4.1%, while China’s new loans and M2 money supply were at 1,480 billion yuan and 13.3% respectively.
The benchmark Shanghai Composite Index had also jumped by 4.9 percent to 3,948.42 at close on Monday, though the Index was volatile in Tuesday Asian morning trading.
Gold had moved above the psychologically important $1,100-level on Monday for the first time since July 31 on reduced dollar strength following weaker than expected US jobs data.
Market participants will be waiting for various key data releases later on Tuesday. This includes the EU’s German WPI and German ZEW economic sentiment, and the NFIB small business index, preliminary unit labour costs, and preliminary nonfarm productivity from the US.
In the other precious metals, silver was so far at $15.21/15.26 per ounce, down $0.03. Platinum was at $977/982, down $2, while palladium was at $603/608, down $2 from the previous day’s close.
On the Shanghai Futures Exchange (SHFE), gold for December delivery was at $226.1 yuan per gram, unchanged from Monday’s close. SHFE December silver was at 3,363 yuan per kilogram, also unchanged.
The post Gold edges lower amid better-than-expected data appeared first on The Bullion Desk.
No comments:
Post a Comment