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Gold holds weaker after China trade data, copper gains as surplus widens

Discussion in 'Commodity vs Dollar' started by smithrock, Aug 8, 2016.

  1. smithrock

    smithrock New Member

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    Gold prices held lower in Asia on Monday, but copper gained as investors digested trade data from China that showed a wider than expected surplus. but downbeat imports. In China, the trade balance for July is expected at a surplus of $47.6 billion, with exports down 3.0% and imports down 7.0%, both year-on-year. China is the world's top copper importer and second largest gold buyer behind India. China said trade balance for July came in at a surplus of $52.31 billion, better than $47.6 billion expected, with exports down 4.4%, below the 3.0% fall seen and imports showing a 12.5% decline, far worse than the down 7.0% seen, both year-on-year. Earlier in Japan, the adjusted current account came in at ¥1.65 trillion, well below the surplus of ¥3.20 trillion for July expected. Bank lending rose 2.1%, beating the expected 2.0% gain. In China, FX reserves came in at CNY3.2 trillion, meeting expectations. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,341.55 a troy ounce. Also on the Comex, silver futures for September delivery eased 0.69% to $19.680 a troy ounce. Copper futures for September delivery rose 0.51% to $2.171 a pound.

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