Gold stays in positive territory
On Monday, gold traded higher, following a weaker greenback and China’s data, showing strong industrial production and retail sales.
In New York, August delivery gold futures gained up to 0.12%, being worth$1,277.45 per troy ounce. July delivery silver futures sank 0.98%, trading at $17.160 per troy ounce. Meanwhile, July delivery copper futures climbed 1.53% at $2.058 a pound, reacting on China’s upbeat industrial production. This Asian country is a number one copper importer.
In May, Chinese fixed asset investment soared 9.6%, right below the 10.5% assumed year-on-year outcome. Besides this, during the same period Chinese industrial production earned +6%, compared to the year-on-year 5.9% reading. Retail sales demonstrated a 10% surge, while still below the year-on-year reading of 10.1%.
Australian markets weren’t available due to a holiday.
Market participants will keep an eye open on Wednesday’s monetary policy verdict by the Fed as they urgently require hints as for the future direction of American interest rates. Besides this, they’ll also monitor policy gatherings in Switzerland, Japan and Great Britain.