MTECHTIPS:-Gold ticks down on stronger dollar, stocks
Gold futures ticked down on Tuesday, as a stronger U.S. dollar and a rally in global stock markets dampened demand for the yellow metal. The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.1% to 99.26. Meanwhile, as slowing growth in China raised hopes for further stimulus for the world’s second largest economy. for February delivery on the Comex division of the New York Mercantile Exchange shed $5.20, or 0.48%, to trade at $1,085.50 a troy ounce by 14:45 GMT, or 9:45AM ET. Also on the Comex, for March delivery tacked on 12.9 cents, or 0.93%, to trade at $14.02 a troy ounce during morning hours in New York. Elsewhere in metals trading, prices jumped to a more than one-week high , after China's quarterly economic growth met expectations, calming fears over a deeper than expected slowdown. Official data released earlier showed that in the fourth quarter from a year earlier, the weakest pace of growth since the first quarter of 2009. That was in line with market expectations and down from growth of 6.9% in the previous three months. Full-year growth was 6.9%, the slowest pace of expansion in a quarter of a century but roughly in line with the government's growth target of around 7%. A separate report showed that rose by an annualized rate of 5.9% in December, below expectations for a 6.0% increase and following a gain of 6.2% in the preceding month.
Posts
No comments:
Post a Comment