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Gold Drops To Session Low, Reverses Friday's Positive Move


Monday, 2 December 2019 16:08 WIB

GOLDEMAS


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Gold extended its steady intraday decline through the early European session on Monday and is currently placed near the lower end of its daily trading range, around the $1455 region.

A combination of negative forces failed to assist the precious metal to build on the previous session's goodish positive mood to one-week tops, rather prompted some fresh selling on the first day of a new trading week.

Positive economic data from China, showing an unexpected growth in the manufacturing activity in November, boosted the global risk sentiment and dented demand for the precious metal's perceived safe-haven status.

In fact, the official data released over the weekend showed that China's manufacturing PMI moved in the expansion territory for the first time since April and came in at 50.2 for November, up from 49.3 previous.

Adding to this, China's Caixin/Market PMI also bettered market expectations and edged higher to 51.8 from 51.7 reported last month and also played its part in weighing gold prices on the first day of a new week.

Source : Fxstreet


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