Gold falls after promising data from China

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Gold falls after promising data from China

Reuters

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Gold prices fell today, as strong economic data from China boosted hopes for a quick recovery, but the metal is about to rise by more than 1% per week with the decline of the dollar and US Treasury yields.

In spot transactions, gold fell 0.4 percent to 1748.81 dollars an ounce, by 06:55 GMT, after reaching its highest level since the first of last March at 1758.45 dollars an ounce on Thursday.

While US gold futures fell 0.5 percent to $ 1748.70 an ounce.

“Gold is facing some adverse factors due to optimism about the recovery story as a result of strong data coming from the United States and China,” said Ravindra Rao, vice president of commodities at Kotak Securities.

But the metal gained about 1.2 percent this week, after incurring losses over two weeks.

And strong economic data recently, driven by massive stimulus measures, has chilled the safe-haven demand for gold.

As for the other precious metals, silver fell 0.8% to $ 25.23 and platinum fell 1.2% to $ 1214.67.

Palladium rose 0.2 percent to $ 2,630.11, but is on track for its biggest weekly decline since the week ending February 26.

Source: Reuters



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