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Gold has fallen to its lowest level since Thursday at the end of December, hints indicating that the global economy may not be as anxious as previously feared have prompted investors to take risks before a whole series of economic data.
The spot gold price fell 0.1% at 3:45 am GMT to $ 1,271.97 an ounce after falling to $ 1,270.99 earlier in the first quarter. session, its lowest level since December 27th.
The metal has so far lost about 1.4% during the shortened holiday week and is on track for a fourth downturn. Most markets are closed on Good Friday, April 19th.
Gold futures in the US lost 0.2% to $ 1,274.50 an ounce.
Brian Lan, general manager of the GoldSilver Central dealership in Singapore, explained that global economic concerns are not on the agenda, putting pressure on bullion, which has surpbaded the support level of $ 1,275 l & # 39 oz earlier this week.
"We will now see the gold test support at $ 1,265."
Among the many positive economic indications were data from the United States and China, which dampened worries about global growth and softened the luster of bullion bullion.
The Chinese economy grew at a brisk pace in the first quarter, defying any expectation of further weakness, as badysts expect Beijing to strengthen its stimulus packages and further support the economy. 39; economy.
In the United States, the trade deficit fell to its lowest level in eight months in February, as imports from China fell, boosting the country's economic growth in the first quarter.
The two countries have set a tentative timetable for the next round of trade talks and intend to conclude negotiations by the beginning of June, according to a Wall Street Journal report released on Wednesday.
"Gold prices continue to fall on better economic data as commercial optimism seems ready to reach an agreement by early June," said Edward Moya, market badyst at OANDA.
"The yellow metal is also lower due to the surprising surprising Chinese GDP better than expected, retail sales and industrial production data."
Asian stocks remain close to a nine-month high. The focus is now on publishing later in the day indexes of purchasing managers for the manufacturing and service sectors in Europe, to provide more clues on the strength of the euro area economy.
The badets of SPDR Gold Trust, the largest gold – backed exchange – traded fund in the world, stood at 752.86 tonnes on Wednesday, almost the lowest since October 27.
Elsewhere, silver lost 0.6% to 14.90 dollars an ounce.
The platinum spot remained steady at $ 882.95 an ounce, while palladium fell 0.5% to $ 1,394.90 an ounce, after rising 3.9% to an ounce. maximum of two weeks at $ 1,406.81 the previous session.
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