Gold trades near one-week low on strong economic data from China, euro area
ecPulse
2014-07-24 11:39AM UTC
Gold slipped to a one-week low on Thursday as strong Chinese and euro area data dented the metal’s appeal as a safe harbor. A report released earlier today showed that China’s manufacturing widened expansion to 52.0 in July, the fastest pace in 18 months in July, from a prior of 51.0. In the euro area, a PMI composite of manufacturing and services accelerated in July to match a three-year high posted in April, where the gauge held above the 50 benchmark for a 50 th straight month. The improvement in economic data helped shares to recuperate its losses while pushed gold below $1300 an ounce for the first time in a week. Now, the focus will turn to U.S. jobless claims data due at 12:30 GMT. The attention will remain on U.S. fundamental amid expectations the Fed may raise interest rates earlier than anticipated. Last week, Fed Chair Janet Yellen mentioned that interest rates could rise earlier than market anticipation if both inflation and labor market data showed remarkable progress. The dollar inched down from a five-week high versus a basket of 10 major currencies. The dollar index ticked down to 80.85 after touching a peak of 80.97. Gold is currently trading around $1299.43 after touching a high of $1304.90 and a low of $1394.72. The shiny metal could not take advantage of the escalating geopolitical tensions in Ukraine and the Middle East. Brent crude oil retreated to trade around $107.81 a barrel after the EIA report signaled that gasoline inventories expanded for a third week in the world’s biggest oil consumer. Crude oil for September’s delivery dipped to touch a low of $102.66, compared with the session’s opening of $103.19.
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