​Gold prices boosted by unexpectedly weak Chinese export data

Discussion in 'Metals' started by Profiforex_Victory, Oct 13, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Gold prices didn't lose their overnight gains in course of North America's session today. The US dollar however suffered today after Chinese trade data surprisingly came out weak. This disappointing data raised worries among investors about how well the Chinese economy was doing.

    Gold for December delivery on the Comex division of the New York Mercantile Exchange had increased by almost 0.8% leaping up to touch $1,263.50 for a troy ounce. Just yesterday, gold prices had dropped down by $2.10, which amounts to a decline of 0.17%.

    China's September exports went down for last month rather unexpectedly. This is a decline from the reading the data had in the month of August. These poor data greatly suggested that the Chinese economy was not doing well at present. This amounts to a significant drop of 10% from where the data was as at 2015.

    This reading for exports shows that China has to battle with a trade surplus of $41.99 billion for last month. This is the least China has gotten in almost half a year according to the reports released by the General Administration of Customs today. The discouraging figures had sparked a rapid decline in global equities as well as decline in the U.S. dollar with safe-haven assets like yen and gold pulling up.


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