Gold goes down, though copper leaps on China PMI data

Gold goes down, though copper leaps on China PMI data

On Wednesday, gold went down because China posted better than expected PMI figures for May, thus underpinning copper moderately on expected continued surge.

June delivery gold futures sagged 0.16% in New York, hitting $1,260.11. Meanwhile, copper futures tacked on 0.12%, being worth $2.573 a pound.

Overnight, gold rebounded from a one-month peak notwithstanding a soar in safe haven demand amid everlasting geopolitical worries in the European Union, while hawkish comments as for US interest rates from a top Fed representative capped upside momentum.

Gold sank at the beginning of EU trade on Tuesday because worries as for geopolitical uncertainty in Europe relived somewhat, following the publication of the ICM poll for The Guardian, revealing that the Conservative Party held a healthy lead of 45% unlike Labor's 33%, before the general election scheduled for June 8.

Besides this, euro zone finance ministers’ inability to agree on Greek debt relief with the IMF the previous week as well as the prospect of early elections in Italy spurred demand for safe haven gold that restricted losses.

 

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