{"id":48873,"date":"2023-08-15T21:07:46","date_gmt":"2023-08-16T01:07:46","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-close-to-breaking-below-1900-copper-pressured-by-china-woes\/"},"modified":"2023-08-15T21:07:48","modified_gmt":"2023-08-16T01:07:48","slug":"gold-close-to-breaking-below-1900-copper-pressured-by-china-woes","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48873","title":{"rendered":"Gold close to breaking below $1,900, copper pressured by China woes"},"content":{"rendered":"
\n

Investing.com– Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a Chinese economic slowdown and rising interest rates boosted the dollar.\u00a0<\/p>\n

U.S. data released on Tuesday showed that consumer spending remained robust in the country, potentially indicating more inflationary pressures in the coming months.<\/p>\n

This notion, coupled with worsening risk sentiment amid signs of a Chinese economic slowdown, saw investors pile into the in lieu of safe havens such as gold and precious metals.<\/p>\n

Spot prices of the yellow metal briefly broke below the $1,900 an ounce level on Tuesday, and were now trading just above a near two-month low.<\/p>\n

was flat at $1,902.24 an ounce, while expiring December fell 0.1% to $1,933.40 an ounce by 20:19 ET (00:19 GMT).\u00a0<\/p>\n

U.S. rate outlook pressures gold\u00a0<\/h2>\n

Tuesday\u2019s retail sales data came just a few days after stronger for July, and pointed to a hawkish near-term outlook for the Federal Reserve.<\/p>\n

The central bank has warned that interest rates could rise further from over 20-year highs if inflation remains sticky. Such a scenario bodes poorly for non-yielding assets such as gold and other metals, given that it pushes up their opportunity cost.<\/p>\n

This notion also saw investors largely favor the dollar and Treasuries as a safe haven over gold, as risk appetite worsened amid worsening economic conditions across most of the globe, particularly in China.\u00a0<\/p>\n

The greenback steadied near a 1-\u00bd month high on Wednesday, having recovered sharply from 2023 lows over the past month.\u00a0<\/p>\n

Even if the Fed doesn\u2019t raise interest rates further, it is still until at least mid-2024, presenting a weak outlook for non-yielding assets.\u00a0<\/p>\n

Copper hit by more China woes\u00a0<\/h2>\n

Among industrial metals, copper prices were pressured by more weak economic indicators from China, as the world\u2019s largest importer struggles with slowing growth and disinflation.<\/p>\n

hovered at $3.36603 a pound and were close to their weakest levels in two months.<\/p>\n

Data on Tuesday showed that both Chinese and grew much less than expected in July, capping off a series of weak economic readings for the month as a post-COVID recovery ran out of steam.<\/p>\n

While the country unexpectedly cut key lending rates after the data, persistent fears of a property market meltdown also inspired little optimism towards China, especially amid concerns over a debt default by property giant Country Garden <\/span><\/span> Holdings (HK:).\u00a0<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a Chinese economic slowdown and rising interest rates boosted the dollar.\u00a0 U.S. data released on Tuesday showed that consumer spending remained robust in the country, potentially indicating more […]<\/p>\n","protected":false},"author":1,"featured_media":5528,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-48873","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold close to breaking below $1,900, copper pressured by China woes | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=48873\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold close to breaking below $1,900, copper pressured by China woes | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=48873\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-16T01:07:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-16T01:07:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEB880JW_L.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=48873#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=48873\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Gold close to breaking below $1,900, copper pressured by China woes\",\"datePublished\":\"2023-08-16T01:07:46+00:00\",\"dateModified\":\"2023-08-16T01:07:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=48873\"},\"wordCount\":414,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Commodities\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=48873#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=48873\",\"url\":\"https:\/\/ifintechworld.com\/?p=48873\",\"name\":\"Gold close to breaking below $1,900, copper pressured by China woes | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-08-16T01:07:46+00:00\",\"dateModified\":\"2023-08-16T01:07:48+00:00\",\"description\":\"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=48873#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=48873\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=48873#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Gold close to breaking below $1,900, copper pressured by China woes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Gold close to breaking below $1,900, copper pressured by China woes | iFintechWorld","description":"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=48873","og_locale":"en_US","og_type":"article","og_title":"Gold close to breaking below $1,900, copper pressured by China woes | iFintechWorld","og_description":"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a","og_url":"https:\/\/ifintechworld.com\/?p=48873","og_site_name":"iFintechWorld","article_published_time":"2023-08-16T01:07:46+00:00","article_modified_time":"2023-08-16T01:07:48+00:00","og_image":[{"width":800,"height":532,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/05\/LYNXNPEB880JW_L.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=48873#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=48873"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Gold close to breaking below $1,900, copper pressured by China woes","datePublished":"2023-08-16T01:07:46+00:00","dateModified":"2023-08-16T01:07:48+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=48873"},"wordCount":414,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Commodities"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=48873#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=48873","url":"https:\/\/ifintechworld.com\/?p=48873","name":"Gold close to breaking below $1,900, copper pressured by China woes | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-08-16T01:07:46+00:00","dateModified":"2023-08-16T01:07:48+00:00","description":"Investing.com-- Gold prices were flat on Wednesday and were on the cusp of falling below key levels, while copper prices hit a two-month low as fears of a","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=48873#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=48873"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=48873#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Gold close to breaking below $1,900, copper pressured by China woes"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/48873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=48873"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/48873\/revisions"}],"predecessor-version":[{"id":48874,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/48873\/revisions\/48874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/5528"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=48873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=48873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=48873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}