GOLD SLIPS BUT STAYS ABOVE $1670
Date: 13/04/2012
Gold futures slipped on slow down in China GDP, however the gains in Asian equities on back of surge in the US markets yesterday kept the yellow metal supported.
Asian stocks climbed while the Dow futures are down 31 points as investors reacted to Chinese data, which showed the nation's economy grew at its slowest pace in almost three years in the first quarter. European stock futures were little changed as investors awaited a U.S report that may show the cost of living in America rose at a slower pace in March and as China's growth eased more than forecast last quarter.
Growth in China's economy, the world's second-biggest, slowed more than forecast last quarter to the least in almost three years. Gross domestic product rose 8.1 percent from a year earlier following an 8.9 percent increase in the fourth quarter, the National Bureau of Statistics in Beijing said today.
The Japanese yen weakened for a second day against the euro after Bank of Japan governor Masaaki Shirakawa warned of major risks to global growth.
Silver and other base metals also tumbled today on China GDP news. COMEX silver for May delivery lost 27 cents, or 0.9%, to $32.25 an ounce. May delivery copper lost 2 cents, or 0.7%, to $3.70 a pound.
However losses in gold were limited due to rise in the Asian equities. June gold traded down $5.3 at $ 1675 per ounce. Producer prices from the U.K. and final inflation from Germany are the major statistical reports due in the European session.
MCX June gold traded higher at Rs 28781 up nearly RS 40 from yesterday's closing. It may trade in the range of Rs 28840 -28680 range today.
Powered by COMMODITY NEWS
No comments:
Post a Comment