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Gold Prices Inch Lower On Profit Taking

Gold prices moved lower on Thursday, but held close to the psychological level of $1,500, thanks to uncertainty on U.S.-China trade talks and fears of global recession.

Spot gold slid 0.3 percent to $1,497.24 per ounce, after climbing over 2 percent on Wednesday to breach the $1,500 barrier for the first time since April 2013. U.S. gold futures were down 0.7 percent at $1,508.95 an ounce.

Worries among investors over trade tensions between Washington and Beijing continued to linger, adding to fears of economic slowdown.

After three central banks across Asia Pacific surprised markets with aggressive easing, markets now believe that central banks around the globe will cut interest rates further to stave off, or at least alleviate, any coming recession.

Meanwhile, markets in Asia and Europe inched higher today after China reported unexpectedly strong export numbers for the month of July.

China's exports rose 3.3 percent in the month, compared to forecasts for a 2 percent drop. On the other hand, imports fell 5.6 percent, less than the expected 8.3 percent decline.

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