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- Gold is cheaper on strong data
Gold is cheaper on strong data
Gold prices are falling, as strong economic data have made the metal less attractive as a low-risk assets, and the demand in the physical markets of India and China remains depressed.
Index PMI, reflecting activity in the services sector of the U.S. economy in July was 56.0 points compared to 52.2 points in June, shows an overview of the Institute of Supply Managers (ISM). Industrial production in the UK in June rose 1.1 percent from May and 1.2 percent - by June 2012.
Gold fell to a minimum of two weeks $ 1.282,69 Friday in the high rates of economic growth and industrial activity in the United States, but the prices have gone up after the publication of weak employment data.
Premiums in Hong Kong - the main supplier of gold in China - fell to $ 04.03 to the price in London from $ 5 two weeks ago, dealers said. Importers in India - the world's largest gold market - refrain from buying a third week in a row due to uncertain government policy on import.
Stocks of the world's largest exchange-traded fund backed by gold (ETF) SPDR Gold Trust on Monday, fell 0.2 percent to 917.14 tons.
The cost of the October gold futures on COMEX today dropped to $ 1278.40 per ounce.
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