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MTECHTIPS:-Gold ends five-day skid even as China woes, Fed uncertainty weigh.

MTECHTIPS:-Gold ends five-day skid even as China woes, Fed uncertainty weigh.

Gold inched up on Tuesday to snap a five-day losing streak, as continuing woes in the Chinese economy and the timing of a potential interest rate hike by the Federal Reserve remain in focus. On the Comex division of the New York Mercantile Exchange, gold for December delivery traded in a tight range between $1,117.80 and $1,125.90 a troy ounce before settling at $1,122.80, up 1.20 or 0.11% on the session. Previously, gold closed lower in six of the last eight and 10 of the last 13 sessions. Over the last month of trading, though, the precious metal is still up more than 2.75%. Gold likely gained support at $1,117.80, the low from August 27 and was met with resistance at $1,144.70, the high from Sept. 1. In China, its dollar-denominated exports fell sharply by 5.5% on a year-over-year basis in August, exacerbating concerns about persisting weakness in the world’s second-largest economy. Imports, meanwhile, tumbled 13.8% on a yearly basis, producing a trade surplus of $60.24 billion. The Shanghai Composite index still rallied by more than 4.5% in the final hour of trading to erase losses from Monday’s session and close up by approximately 3%. On Monday, the index closed down by more than 2.5% as news reverberated that China revised its GDP growth rate for 2015 downward from 7.4% to 7.3%. Many economists expect Chinese GDP growth to fall below 7% for the third quarter after barely reaching the threshold over the first two quarters of the year. China is currently experiencing its lowest rate of economic growth in more than a decade. Gold was relatively flat on Monday in a lightly traded session, as American markets remained closed for the Labor Day holiday. China is the world’s largest producer of gold and the second-largest consumer of the precious metal.

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