[ad_1]
The price of gold has fallen to its lowest level for more than a week on Monday, as stronger Chinese data than expected and the vigorous start of the US season have eased concerns over slowing world economy, thus reducing the attractiveness of ingots.
The spot gold price edged down 0.2% to $ 1,288.08 per ounce at 03:30 GMT, after reaching $ 1,286.44, its lowest level since April 5 , at the beginning of the session.
US futures on gold fell 0.3% to $ 1,291 an ounce.
"Gold prices have fallen due to improved macroeconomic data that promotes risk taking," said Margaret Yang, market badyst for CMC Markets, Singapore.
Positive catalysts on the market include better-than-expected credit growth and exports from China, a positive start to the US earnings season, and hopes of resolving the US-China trade niche, added Yang.
Asian equities started the week on a solid footing, while the yen hunt was near its all-time low this year.
Chinese customs data showed Friday that the country's exports had increased 14.2 percent over the previous year in March, the fastest growth in five months.
US Treasury Secretary Steven Mnuchin said Saturday that a trade deal between China and China would go well beyond "previous attempts to open Chinese markets to US companies" and hoped that both parties are "close to the final stage". negotiations.
Gold, which is generally considered a protection against economic and political uncertainties, suffers from the resumption of risk sentiment.
"The US Federal Reserve has slowed sharply in the first quarter, but the data has improved, the chances of lower interest rates are falling," said Alfonso Esparza, senior market badyst at OANDA, in a note.
"If retail sales (expected later this week) outperform, it would argue for a rise in interest rates later this year, despite the Fed's January turnaround."
Higher interest rates increase the opportunity cost of holding gold.
However, according to the joint statement of the steering committee of the International Monetary Fund, the global economy was not left behind, as trade disputes and tighter financial conditions remain the main threat to the pace of global growth. .
Speculators increased their upward bets on COMEX gold in the week leading up to April 9, the US Freight Commodity Exchange (CFTC) said Friday.
Among other precious metals, silver was unchanged at $ 14.95 ounce.
Spot platinum fell by about 0.1% to $ 885.45 an ounce, while palladium lost 0.3% to $ 1,368.03 an ounce.
Source link
