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Gold goes down to 2019 minimum
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.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.