Gold gains slightly in Asia after Chinese mixed prices data
On Tuesday, gold managed to gain a little following mixed consumer as well as producer price data from China.
In New York, June delivery gold futures surged 0.04%, trading at $1,267.05 per troy ounce. As for July delivery silver futures, they gained just 0.33% at $2.108 a pound.
In China, April’s CPI dipped 0.2% month-on-month as expected and at a 2.3% pace year-on-year, a bit lower compared to the previous 2.4% revenue. Then, April’s year-on-year PPI dipped 3.4% compared to the expected descend of 3.8%.
China is also going to release reports on industrial production, retail sales as well as fixed asset investment late on Friday.
The data is seen for fiscal and monetary policies in the country, that’s the world’s number one copper consumer, with its 45% of world consumption.
Gold futures extended their losses in North American trade right after dropping abruptly overnight, as the greenback strengthened after data showing improving American wage growth offset an overall weaker payroll data, backing up expectations of two rate increases this year.