{"id":37419,"date":"2023-07-18T18:10:30","date_gmt":"2023-07-18T22:10:30","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-ends-lower-after-best-week-since-april-as-weak-china-data-weigh-on-commodities\/"},"modified":"2023-07-18T18:10:31","modified_gmt":"2023-07-18T22:10:31","slug":"gold-ends-lower-after-best-week-since-april-as-weak-china-data-weigh-on-commodities","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=37419","title":{"rendered":"Gold ends lower after best week since April as weak China data weigh on commodities"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002284058\" role=\"document\">\n<p>Gold prices settled lower on Monday following their biggest weekly advance since April as weaker-than-expected GDP data out of China weighs on commodities prices. <\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.09%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"positive\">+0.09%<\/bg-quote><br \/>\n       fell by $8, or 0.4%, to settle at $1,956.40 per ounce on Comex. <\/p>\n<\/li>\n<li>\n      Silver futures for September<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+0.06%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+0.06%<\/bg-quote><br \/>\n       fell by 18 cents, or 0.7%, to $25.02 per ounce. <\/p>\n<\/li>\n<li>\n      September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+2.84%<\/bg-quote><br \/>\n       added $14.70, or 1.2%, to $1,281.10 per ounce, while October platinum<br \/>\n        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n        climbed $3.20, or 0.3%, to $987.50 per ounce. <\/p>\n<\/li>\n<li>\n      September copper<br \/>\n        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+0.07%<\/bg-quote><br \/>\n       declined by 9 cents, or 2.3%, to $3.84 per pound. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>China\u2019s GDP grew at a below-expected rate of 6.3% during the second quarter, slower than the 7.3% consensus reading from economists polled by FactSet. <\/p>\n<div class=\"paywall\">\n<p>Prices of commodities, including crude oil and gold, tumbled after the data were released as investors bet slowing growth in China would weigh on demand. <\/p>\n<p>\u201cGold\u00a0is continuing to hold above $1,950 an ounce with investors and traders still wary of committing fully to equities with the latest Chinese data adding to concerns about the health of the global economy,\u201d said Rupert Rowling, market analyst at Kinesis Money. <\/p>\n<p>A falling U.S. dollar and lower Treasury yields helped drive a 1.7% weekly rise in gold futures last week after data showed a slowdown in U.S. inflation. <\/p>\n<p>In Monday dealings, the ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.10%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the buck\u2019s strength against a basket of rivals, was little changed 99.879 after dropping last week to its lowest level in more than a year. The yield on the 10-year Treasury note<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">3.790%<\/bg-quote><br \/>\n       was down by 1.1 basis points to 3.8068%. <\/p>\n<p>\u201cWhen it comes to the price of\u00a0gold, traders continue to remain very attached to the [Federal Reserve\u2019s] monetary policy stance,\u201d said Naeem Aslam, chief investment officer at Zaye Capital Markets, in market commentary. <\/p>\n<p>The slowdown in inflation suggests that the \u201cmassive pressure\u201d that was on the Fed to tame inflation is no longer there, he said. \u201cThis means that the Fed doesn\u2019t need to be aggressive with its monetary policy, and this also means that there is no strong need for the Fed to hike interest rates any further.\u201d <\/p>\n<p>Many do believe that there is a possibility of one more rate hike from the Fed, which \u201ccould bring one final threat to the\u00a0gold\u00a0price,\u201d but looking at the price action of the precious metal, \u201cwe think that it is safe to say that there are more bulls than bears in the market,\u201d said Aslam. Based on the most-active contract, gold futures on Friday reached their highest settlement since mid-June, FactSet data show. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-pulls-back-after-best-week-since-april-as-weak-china-data-weigh-on-commodities-e12b6c12?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices settled lower on Monday following their biggest weekly advance since April as weaker-than-expected GDP data out of China weighs on commodities prices. Price action Gold futures for August delivery GC00, +0.09% GCQ23, +0.09% fell by $8, or 0.4%, to settle at $1,956.40 per ounce on Comex. Silver futures for September SI00, +0.06% SIU23, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-37419","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends lower after best week since April as weak China data weigh on commodities | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices settled lower on Monday following their biggest weekly advance since April as weaker-than-expected GDP data out of China weighs on commodities\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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