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Friday, July 1, 2022

Gold Prices Fall to 2019 Low

Gold Prices Fall to 2019 Low© Reuters.

Investing.com – Gold prices declined on Monday, falling to their lowest level of the year as investor risk appetite held up despite the latest data showing China’s 2018 economic growth slowing to a .

Comex were down $5.35, or around 0.4%, to $1,277.25 a troy ounce by 7:40AM ET (12:40 GMT). The precious metal hit a low of $1,276.80 earlier, the weakest since Dec. 28.

There will be no floor trading on the Comex on Monday because of the Martin Luther King Day holiday in the U.S. All electronic transactions will be booked with Tuesday’s trades for settlement.

Meanwhile, was trading at $1,278.11 per ounce, down $3.50, or almost 0.3%.

China’s fourth-quarter gross domestic product (GDP) grew at the slowest pace since the global financial crisis, easing to on-year as expected from 6.5% in the third quarter, the National Bureau of Statistics said earlier.

That pulled full-year growth down to 6.6%, the slowest annual pace since 1990, as faltering domestic demand and bruising U.S. tariffs weighed.

The weak data underlined the view that Beijing will have to roll out more stimulus to avert a sharper slowdown.

Meanwhile, investors are waiting to hear British Prime Minister Theresa May’s for Brexit, which is due to be presented to parliament later in the day, after her deal was rejected by lawmakers last week.

May will make a statement in parliament at about 15:30 GMT (10:30 AM ET) as she looks to secure a fresh withdrawal agreement before the March 29 deadline to leave the European Union (EU).

Elsewhere in metals trading, lost 16.1 cents, or about 1%, at $15.23 a troy ounce.

, which hit a record high of $1,434.50 last week, shed 0.2% to $1,332.20.

Elsewhere, March dropped 1.2% to $2.686 a pound.

— Reuters contributed to this report

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Source: Investing.com

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