MTECHTIPS;-Gold drops for fourth session as improved risk appetite weighs

MTECHTIPS;-Gold drops for fourth session as improved risk appetite weighs MTECHTIPS-Gold prices fell for a fourth straight session on Tuesday as risk appetite remained buoyed by better-than-expected economic data, which suggested that the global economy was perhaps not doing as badly as previously assumed. Spot gold was down 0.6% at $1,490.48 per ounce, as of 0421 GMT, after hitting its lowest since Aug. 13 at $1,486 earlier in the session. Bullion prices have shed nearly 5% since hitting a more than 6-year peak of $1,557 on Sept. 4. U.S. gold futures fell 0.8% to $1,498.50 per ounce.Data released earlier in the day showed China's August consumer price index (CPI) rose 2.8% year-on-year, above expectations for 2.6%, while the producer price index (PPI), a key barometer of corporate profitability, contracted less than expected. "A lot has already been factored in about the effect of the trade war on China. Better-than-expected numbers might suggest that the impact might not be as deep as many thought," said Michael McCarthy, chief market strategist at CMC Markets MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Sep 10 2019 6:39PM, by MTECHTIPS in Commodity tips| Share This




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