[ad_1]
Gold prices are pulling back on Monday following their biggest weekly advance since April as weaker-than-expected GDP data out of China weighed on commodities prices.
Price action
-
Gold futures for August delivery
GC00,
-0.60% GCQ23,
-0.60%
fell by $3.40, or 0.2%, to $1,961 per ounce on Comex. -
Silver futures for September
SI00,
-1.09% SIU23,
-1.09%
fell by 16 cents, or 0.6%, to $25.03 per ounce. -
September palladium
PAU23,
-0.51%
fell by $2.40, or 0.2%, to $1,264 per ounce, while October platinum
PLV23,
-0.75%
fell by $1.30, or 0.1%, to $983 per ounce. -
September copper
HGU23,
-2.56%
declined by 10 cents, or 2.6%, to $3.833 per pound.
Market drivers
China’s GDP grew at a below-expected rate of 6.3% during the second quarter, slower than the 7.3% consensus reading from economists polled by FactSet.
Commodities prices, including crude oil and gold, tumbled after the data were released as investors bet slowing growth in China would weigh on demand.
“Gold is continuing to hold above $1,950 an ounce with investors and traders still wary of committing fully to equities with the latest Chinese data adding to concerns about the health of the global economy,” said Rupert Rowling, market analyst at Kinesis Money.
However, a weaker U.S. dollar helped limit the downside for gold. A falling U.S. dollar and lower Treasury yields helped drive last week’s gold rally.
The ICE U.S. Dollar Index
DXY,
a gauge of the buck’s strength against a basket of rivals, was off by less than 0.1% to 99.90. The yield on the 10-year Treasury note
TMUBMUSD10Y,
fell by 3.1 basis points to 3.786%.
[ad_2]
Source link
