Gold sags in Asia on China dismal industrial and retail data

Gold sags in Asia on China dismal industrial and retail data

On Tuesday, gold headed south in Asia, with market sentiment mixed after weaker than anticipated retail sales as well as industrial output in China.

December delivery gold futures sank 0.13% in New York showing $1277.26 a troy ounce.

In China, fixed-asset investment managed to soar 7.3%, which is a bit weaker than the 7.4% leap observed in October on year. Additionally, industrial output ascended 6.2%, missing the 6.3% jump observed, retail sales added 10% versus a 10.4% revenue expected.

Overnight, gold rallied amid a jump in safe-haven demand because investor uncertainty over the outcome of tax reform kept unrolling, while a dip in sterling backed the greenback that capped revenues in the number one precious metal.

Safe-haven demand was also underpinned by reports that UK Prime Minister Theresa's Conservative party had decided to sign a letter of no-confidence in her because some members really doubted Mrs. May ability to lead Great Britain into a successful Brexit.

Similar

Popular

Crude edges down in Asia on Caixin PMI

On Tuesday, crude prices traded weaker because a poll on Chinese manufacturing came in weaker than expected and market participants looked ahead to American inventories on oil as well as refined products to set the overall tone…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera