Precious Metals

Slow Chinese Factory Output Growth Brings Gold Up

Precious Metals

Reuters reported that slow growth in Chinese factory output increased hopes of monetary stimulus in China and led to a slight increase in gold prices.

Reuters reported that slow growth in Chinese factory output increased hopes of monetary stimulus in China and led to a slight increase in gold prices.

As quoted in the market news:

“Gold and silver are a bit higher on expectation of more QE after the weaker Chinese data, and they are getting some technical buying as prices stay above $1,600,” said Phillip Streible, senior commodities broker at futures brokerage R.J. O’Brien.

Spot gold inched up 0.2 percent at $1,614.13 an ounce by 12:32 p.m. EDT (1632 GMT).

U.S. COMEX gold futures for December delivery were up $1.10 an ounce at $1,617.10, with volume so far sharply below its 30-day average, preliminary Reuters showed.

Click here to read the full Reuters report.

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