Gold remains softer as Chinese data aid risk sentiment
SHANGHAI (Scrap Register): Gold remains near the 2019 lows as global equities hold near six-month highs on renewed optimism about global growth after China’s economy unexpectedly held up in the first quarter, said commodities brokerage SP Angel.
China’s growth domestic product rose 6.4% in the December-March period. China’s first-quarter GDP figures out Wednesday exceeded economist estimates, and March retail sales and industrial production were also better than expected, SP Angel added.
“That’s easing concerns about a slowdown that had rattled investors. Technical indicators for gold also signal bearing trends, with the metal breaking below its 100-day moving average,” SP Angel noted.