Gold descends in Asia

12 August, 2016

On Friday, gold held weaker during Asia trade as data out of China on industrial output as well as retail sales disappointed on demand expectations.

In New York, December delivery gold futures sagged 0.32%, hitting $1,345.65 per troy ounce. September delivery copper futures dropped 0.18%, trading at $2.183 per pound. Simultaneously, silver futures lost 0.06%, trading at $20.008 per troy ounce.

China, the world's number one copper importer and also second largest buyer of gold behind India, disclosed that its July’s fixed-asset investment for edited up 8.1%, below a tempo of 8.8% observed year-on-year. The country’s industrial production earned 6.0%, which is below an expected 6.1% year-on-year profit, while retail sales ticked up 10.2% under the expected 10.5% year-on-year surge observed.

Overnight, gold slumped on Thursday, amid a relatively steady greenback because cautious market participants waited for the publication of monthly retail as well as consumer data at week's end for greater clarity on the current strength of the American economy.


Source link  
Dollar dips to four-month minimum

The evergreen buck slumped 0.4% being worth 108.81 yen, having dropped to 108.33 yen on Tuesday, which is its lowest outcome since mid-April...

Japanese GDP

Japan will release the first estimate of its GDP in the second quarter at 02:50 MT time on August 14. The recent economic news from Japan was rather positive. In the first three months of 2017...

Traders need to watch American CPI

CPI stands for Consumer Inflation Index and changes in this index correspond to the level of consumer inflation. Higher inflation creates the reason...


NFP and US labor market data

The first Friday of a month is when the US Labor Department releases an update for nonfarm payrolls (NFP), unemployment rate and average hourly earnings...

Morning brief for December 30

EUR/USD spiked to 1.0653 in the course of the Asian session (its biggest intraday gain since early November). The US dollar slackened on the year-end profit-taking. There wasn’t any news hitting the wires. Italy’s government is going to bailout the country’s banks...

Morning brief for December 27

Financial markets are still sleeping with Christmas carols. Trading should be thin this week as the market participants are closing out 2016 volatile year...


Gold is tired of moving in the range

On the daily chart of gold, the bears remain control over the market. As long as quotes are below $ 1,195, their positions are not under threat. The update of the December low can lead to the continuation of downward movement towards $1,116...

Banks guidance ahead of the ECB meeting

It seems that everything is clear the ECB will extend its asset-purchasing program, and send the euro lower. But banks smell a rat in this announcement. The ECB should introduce more easing measures...

Goldman Sachs trade ideas for 2017

2017 is promising to be auspicious for the US dollar with the fiscal stimulus, immigration rhetoric and more protectionism spurring inflation rates and offsetting monetary policy tightening. The greenback should have a good advantage in light of the incoming political reshufflings in Europe...

  


Share: