Gold sinks in Asia after sudden positive Caixin June PMI

Gold sinks in Asia after sudden positive Caixin June PMI

On Monday, gold dived in Asia, following a sudden positive reading in the China Caixin PMI for June.

In New York, August delivery gold futures tumbled 0.33%, trading at $1,238.17 a troy ounce.

In June, Caixin's China manufacturing PMI managed to surpass expectations, giving traders a hope that the Chinese economy keeps ruining expectations for a slowdown.

The previous week, gold decreased at the close and posted their first weekly dip since March as a soar in global bond yields tamed traders’ demand for the major precious metal.

Gold concluded the first half of 2017 with a profit of 8%, underpinned by a sag in the greenback to its year’s lows.

Apparently, gold prices were under pressure amid signs that several key financial institutions around the world are on the verge of joining the Fed in tightening monetary policy.

Traders’ hopes mounted for tighter monetary policy around the world after the heads of the ECB, the Bank of England as well as the Bank of Canada demonstrated a more hawkish view on monetary policy.

 

Similar

Gold moves down

On Friday, gold declined, simultaneously trying to preserve its weekly profits because the USD index jumped, offsetting its abrupt weekly dive…

Latest news

Greenback edges down

On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…

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