MTECHTIPS;- Gold slips on firm dollar, positive China factory data

MTECHTIPS;- Gold slips on firm dollar, positive China factory data MTECHTIPS-Gold prices fell on Monday as investors turned to riskier assets on signs of economic growth following reports of an expanding Chinese factory sector and a rising dollar reduced demand. Spot gold fell 0.3% to $1,459.23 per ounce by 0332 GMT. Prices earlier touched their highest since Nov. 22. U.S. gold futures shed 0.5% to $1,465.30. "A slightly stronger dollar has weighed on investor appetite for gold, as well as some slightly more positive data, so this is causing gold to drift a little bit lower," ANZ analyst Daniel Hynes said. An unexpected expansion in factory activity during November in China, the world's second-largest economy and biggest gold user, spurred investors into equity markets and reduced the interest in safe-haven bullion This followed official government data on Saturday that also showed an expansion. Investor demand for gold was further pressured by the rising dollar, which makes dollar-denominated gold more expensive for buyers using other currencies. The uncertainty around a resolution to the 17-month-old trade dispute between the United States and China has supported gold, with reports that a preliminary agreement has now stalled because of U.S. legislation supporting protestors in Hong Kong and Chinese demands that the United States roll back its tariffs as part of phase one deal MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Dec 2 2019 5:40PM, by MTECHTIPS in Commodity tips| Share This

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