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Gold Traded Near Lowest Level This Year on Growth Optimism


Wednesday, 17 April 2019 14:39 WIB

GOLDEMAS


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Gold traded near the lowest level this year as world equities held near a six-month high on renewed optimism about global growth after China’s economy unexpectedly held up in the first quarter.

China’s first-quarter GDP figures out Wednesday exceeded economist estimates and March retail sales and industrial production were also better-than-expected. That’s easing concerns about a slowdown that had rattled investors.

A bearish technical indicator is also weighing on gold. The metal broke below its 100-day moving average on Monday, pointing to further weakness.

Spot gold +0.2% to $1,279.46/oz at 7:15am in London after dropping to $1,273.02 on Tuesday, lowest intraday level since Dec. 27.

Source : Bloomberg


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