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.

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