Precious-Gold dropped on Thursday on waning demand from China ahead of the Lunar New Year Holiday, where the metal is set for its first weekly loss in six weeks.
Physical buying from China has helped the shiny metal to advance for five straight weeks due the Lunar New Year holiday tomorrow.
However, worries of a slowdown in China, the world’s biggest buyer of bullion, after the recent downbeat data has lowered demand on the metal.
Gold advanced yesterday on the slump in equities which retreated as the recent interest rate hikes by a number of emerging economies central banks failed to restore confidence as the Fed continued its stimulus cut.
Policymakers at the Fed said on Wednesday they will trim their monthly bond purchases for a second month by another $10 billion to $65 billion.
The Fed’s announcement did not weigh on gold prices negatively as the decision was largely predicted by investors.
Later in the day, eyes will focus on U.S. jobless claims for the week through Jan. 25 and pending home sales for December.
The progress in the United States fundamentals would be the key determinant for the pace at which the Fed would dial back its non-standard measures.
The yellow metal is currently trading around $1256.88 an ounce after hitting a high of $1267.52 and a low of $1255.220, where the metal halted its gains this week after hitting resistance near $1280 levels while found support at $1250.
The U.S. dollar rose versus a basket of major currencies to hover around 80.80 after hitting a low of 80.62.
Crude oil for March’s delivery slipped to $97.38 a barrel from the session’s opening of $97.44.
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Gold Drops On Waning Chinese Demand Ahead Of Lunar New Year
Published 01/30/2014, 04:49 AM
Updated 07/09/2023, 06:31 AM
Gold Drops On Waning Chinese Demand Ahead Of Lunar New Year
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