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On Monday, gold headed south to its lowest value of the year due to the fact that investor appetite for risk was still firm notwithstanding data disclosing that China's 2018 economic surge speeded down to a near three-decade minimum.
On the Comex exchange, gold futures dived by 0.4% reaching $1,277.25 a troy ounce. Earlier, the number one precious commodity reached a minimum of $1,276.80, which appears to be the weakest value since December 28.
On the Comex there won’t be any floor trading on Monday due to the Martin Luther King Day holiday in America.
Besides this, spot gold hit $1,278.11 per ounce, heading south by nearly 0.3%.
China's fourth-quarter GDP rallied at the slowest tempo since the global financial downtime, diving to 6.4% on-year as anticipated from 6.5% in the third quarter, as the National Bureau of Statistics previously informed.
It pulled full-year surge down to 6.6%, which appears to be the slowest annual tempo since 1990 because faltering domestic demand as well as bruising American levies put pressure.
The dismal data backed the view that the Chinese cabinet will have to come up with more measures to prevent a steeper deceleration.
Besides this, market participants are eager to hear UK Prime Minister Theresa May's alternative plan for Brexit. It’s expected to be unveiled to the UK parliament later in the day. By the way, the initial proposal of hers, negotiated for about two years with the European bloc, wasn’t approved by lawmakers the previous week.
May is anticipated come up with a statement in the country’s legislative body at 15:30 GMT. Britain’s Prime Minister is seeking to secure a new withdrawal pact before the March 29 deadline to depart from the European bloc.
Additionally, silver futures went down by 1% ending up with $15.23 a troy ounce.
This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
For a long time, traders considered American Non-farm Payrolls (NFP) the most important release in the market. However, the situation has changed. Now US CPI moves financial markets.
United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on November 5, 14:30 GMT+2.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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