Gold declined on Wednesday morning in London after better-than-expected Chinese trade data increased risk appetite among investors and reduced demand for safe havens, market participants noted. The metal had risen to a fresh four-week high of $1,263 on Tuesday.
– The spot gold price was last at $1,246.70/1,247.20 per ounce, down $9.10 on Tuesday’s close. Trade has ranged from $1,246.30 to $1,256.80 so far.
– In today’s data, China’s March yuan-denominated trade balance was 195 billion yuan, below expectations of 203 billion yuan and February’s 210 billion yuan. China’s total exports rose 18.7 percent year-on-year while imports fell 1.7 percent in March in yuan-denominated terms. The March figures have improved from a 20.6-percent decline for exports and an eight-percent drop for imports in February.
– China’s March US dollar-denominated trade balance was at $29.9 billion compared with the forecast $30.2 billion and February’s $32.6 billion.
– Silver continued to trade above $16 – it was last little changed at $16.060/16.080 per ounce. Platinum at $990/995 was down $4 but palladium nudged $2 higher to $545/550.
(Editing by Mark Shaw)
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Source: Bullion Desk News
