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MTECHTIPS- Gold drops on global growth fears, strong greenback
Gold futures traded lower Friday as shrinking Italian production and lower German exports fuelled global slowdown fears reducing demand for the precious metal.
On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at USD1580.75 a troy ounce giving back 0.45%.It earlier traded at a session low USD1559.35 a troy ounce. Gold was likely to find support at USD1559.35 and resistance at USD1642.15. Sparking the bearish gold sentiment, German exports slipped 1.7% in April beating analyst’s expectations of a 0.7% decline.
In addition, Italian output fell 1.9% from a revised 0.6% gain in March. Year over year, production plunged 9.2% supporting global slowdown fears.
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On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at USD1580.75 a troy ounce giving back 0.45%.It earlier traded at a session low USD1559.35 a troy ounce. Gold was likely to find support at USD1559.35 and resistance at USD1642.15. Sparking the bearish gold sentiment, German exports slipped 1.7% in April beating analyst’s expectations of a 0.7% decline.
In addition, Italian output fell 1.9% from a revised 0.6% gain in March. Year over year, production plunged 9.2% supporting global slowdown fears.
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