Gold sinks in Asia on regional data

Gold sinks in Asia on regional data

On Thursday, gold went down a bit in Asia, with market participants neglecting mostly positive regional data sets, while being focused on demand cues from India because the Indian government considers clamping down on export traders.

India dared to tighten gold import norms for export houses by simply restricting them from purchasing the number one precious metal only for export purposes and not for selling this stuff in the domestic market, as the Indian government informed in Wednesday’s circular.

December delivery gold futures went down 0.23% in New York hitting $1,280.08 a troy ounce. Meanwhile, copper futures slumped 0.09% being worth $3.172 a pound.

China’s GDP showed a 1.7% gain on quarter on Thursday as well as a 6.8% jump on year. As for retail sales in this Asian country, they rallied 10.3%, surpassing the anticipated outcome of 10.2%.

Overnight, gold stood still amid a tumbling greenback on the back of weaker-than-anticipated housing data.

Similar

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

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