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.

 

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