Gold To 1290 Before China GDP Data
Stuart McPhee | Jul 15, 2013 12:48AM ET
Gold extended its biggest weekly jump since 2011 and other precious metals rallied on prospects the U.S. will maintain monetary stimulus. The Australian dollar gained and Asian stocks fluctuated ahead of data economists project will show China’s economy slowed in the second quarter.
Gold climbed 0.5 percent to $1,291.55 an ounce by 9:59 a.m. in Tokyo, as palladium headed for a one-month high. The so-called Aussie strengthened 0.2 percent after sliding to the weakest level since August 2010 July 12. The MSCI Asia Pacific Index was little changed, with Japanese markets closed for a holiday. Futures on the Standard & Poor’s 500 Index added 0.1 percent after the gauge increased to a record July 12. Crude dropped 0.3 percent. Malaysia’s ringgit declined.
Federal Reserve Chairman Ben S. Bernanke said last week that the U.S. would need very accommodative monetary policy for the foreseeable future, bolstering gold’s allure as a store of value. China’s economy, the world’s second-largest, expanded 7.5 percent in the three months to June 30, according to the median of 45 estimates before data due today, after growth slowed to 7.7 percent in the first quarter. Finance Minister Lou Jiwei said July 12 that growth in 2013 may be below target, comments later corrected by the official Xinhua News Agency.
Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.