Gold turns lower after weak data on industrial production in China

Gold turns lower after weak data on industrial production in China


According to the auction, the December futures for gold on the new York stock exchange Comex became cheaper to $ 1087 per Troy ounce due to the weak statistics from China.

MOSCOW, 11 Nov. Gold prices are reduced on Wednesday evening after weak Chinese data raised concerns about the prospects of the country’s demand for the metal, according to AFP.

As at 18.53 GMT December futures for gold on the new York stock exchange Comex became cheaper on 1,5 dollars, or 0.14%, to $ 1087 per Troy ounce. The cost of December futures for silver declined by 0.29% to to 14.32 USD per ounce.

National Bureau of statistics of China on Wednesday reported annual growth rate of the industrial production of China in October slowed to 5.6% from September’s figure of 5.7%. The indicator has appeared worse forecasts of the analysts expecting its value at the level of 5.8%.

“Weak data from China caused by the negative dynamics of metals prices”, — quotes Agency MarketWatch opinion of the head of the research Department Fastmarkets William Adams (William Adams).

In addition, bidders continue to react to the possibility of increasing the base rate in the U.S. in December. Positive statistics on the U.S. labor market for October, published last Friday, increased the probability of fed hike in December and strengthened the position of the dollar against most world currencies, thereby reducing the cost of the precious metal.