Gold tumbles below $1,300 as equities surge on China data
ecPulse
2014-07-24 08:46AM UTC
Gold dropped for the third straight day on Thursday, despite continuing fight in both Gaza and Ukraine, after upbeat Chinese data dented demand for the metal as an alternative investment. The bullion sentiment was depressed by quite promising data from China, where stock markets in the world`s top gold consumer surged to a fresh three-month high on HSBC`s flash Purchasing Managers` Index (PMI) of Chine factory activity for July. China`s PMI index rose to an 18-month high of 52.0 compared with a reading of 50.7 a month ago. Analysts called for an average estimate of 51.0. Stocks in Asia ended mixed on Thursday after rising earlier this morning on China`s PMI boost. The Standard & Poor`s 500 index rose a record at the close on Wednesday, after a slew of upbeat earnings from the world`s largest economy. As of 03:50 a.m. ET, Spot Gold was down 0.48% at $1,297.98 an ounce. The metal traded in a range of $1,294.04-$1,305.04 compared with the previous close at $1,304.47. Among other precious metals: - Spot Silver was down 0.56% at $20.83 an ounce - Spot Platinum was down 0.51% at $1,474.75 an ounce - Spot Palladium was down 0.34% at $870.90 an ounce The geopolitical headlines remain in focus amid ongoing fight betweeen Israel and Hamas in the Gaza, where tensions have recently kept the gold price above $1,300 level amid growing demand for a refuge. The metal`s safe-haven appeal is usually boosted in times of financial and economic uncertainties. Sentiment for bullion could see some support from the rising tension from Gaza, after a top UN official said an Israeli airstrike and naval shelling that struck seven children on a Gaza beach last week could amount to war crimes. Meanwhile, Kiev said two of its fighter jets were shot down over the rebel-held territory in eastern Ukraine on Wednesday, and the missiles that brought them down might have been fired from Russia. A Separatist leader said that pro-Russian rebels possessed BUK missiles, the type that was believed to have shot down Malaysia Airlines flight MH17, according to Reuters.
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