logo
Plus   Neg
Share
Email

Gold Futures Settle Slightly Lower

Gold prices edged lower on Wednesday, as traders continued to look for riskier assets after data showed a notable increase in Chinese GDP in the March quarter.

Fairly encouraging corporate earnings reports and continued optimism about U.S.-China trade deal also weighed on the yellow metal.

However, after the sharp fall on Tuesday, gold's decline was just marginal today.

The U.S. dollar was subdued as well, due to stronger than expected Chinese GDP data. The greenback was down slightly against its major rivals.

The dollar index dropped to a low of 96.82 before recovering to edge past the 97.00 mark.

Gold futures for June ended down $0.60, at $1,276.60 an ounce.

On Tuesday, gold futures for June declined $14.10, or 1.1%, to $1,277.20 an ounce.

Silver futures for May ended up $0.024, at $14.939 an ounce, while Copper futures for May settled at $2.9675 per pound, gaining $0.0370 for the session.

In news from China, GDP grew an annual 6.4% in the first quarter of 2019, unchanged from the fourth quarter and beating forecasts for 6.3%.

Retail sales climbed 8.7% year-on-year in March - beating expectations for an increase of 8.4% and up from 8.2%.

Fixed asset investment rose 6.3% in the first quarter, in line with expectations and up from 6.1% in the previous quarter.

In economic new from the U.S., a report released by the Commerce Department showed the U.S. trade deficit unexpectedly narrowed in the month of February amid a jump in the value of exports.

The Commerce Department said the trade deficit narrowed to $49.4 billion in February from $51.1 billion in January, while economists had expected the deficit to widen to $53.5 billion.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT