GOLD- Gold's trend when the market is down
World gold price today 16/8 fell with spot gold down 3.1 USD to 1,903.7 USD/ounce. Gold futures in December last traded at $1,935.4 per ounce, up $0.2 from the previous session.
Gold price is retreating to 1,900 USD/ounce, trading in the lowest price range of 2 months, raising concerns about rising interest rates and China's economic slowdown.
Investor sentiment was also apprehensive after China released disappointing economic data. Accordingly, China's industrial output in July increased by 3.7% year-on-year. Retail sales also grew less than expected. The People's Bank of China cut interest rates by 15 basis points from 2.65% to 2.50%. However, this could not assuage investors' worries about an economic slowdown in China. The price of precious metals may continue to fall as the demand of the billion-population nation shows signs of slowing down.
Gold price is retreating to 1,900 USD/ounce, trading in the lowest price range of 2 months, raising concerns about rising interest rates and China's economic slowdown.
Investor sentiment was also apprehensive after China released disappointing economic data. Accordingly, China's industrial output in July increased by 3.7% year-on-year. Retail sales also grew less than expected. The People's Bank of China cut interest rates by 15 basis points from 2.65% to 2.50%. However, this could not assuage investors' worries about an economic slowdown in China. The price of precious metals may continue to fall as the demand of the billion-population nation shows signs of slowing down.
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