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Gold Ends Lower on Mixed Global Economic Reports
Oct 25,2012 11:27CST
industry news
Source:SMM
Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday, following mixed economic reports from China.

CHICAGO, Oct. 24 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday, following mixed economic reports from China, the U.S. and the euro zone.

The most active gold contract for December delivery fell 7.8 dollars, or 0.46 percent, to settle at 1,701.6 dollars per ounce.

According to market analysts, gold was caught up in liquidation of risk assets Tuesday, and the market remains nervous on Wednesday. Economic data were mixed, offering both good and bad news on the global economy, but gold closed lower against this backdrop.

Manufacturing in China hit a three-month high, with the HSBC's China manufacturing Purchasing Managers'Index (PMI) rising to 49. 1 in October from 47.9 in September and edging closer to expansionary levels.

But data from the euro zone was weak, with PMI readings for the euro zone proved weaker than expected in October. The PMI for the euro zone fell to a 40-month low of 45.8 from 46.1 in September.

The U.S. data on new home sales showed a 5.7 percent rise in September to a seasonally adjusted annual rate of 389,000, the highest pace since April 2010. But the sales pace in August was downwardly revised and the median sales price in September declined by 3.2 percent, according to reports.

Furthermore, the strength in the U.S. dollar added pressure to dollar-denominated commodities, including gold. The ICE dollar index, traded at 79.997 up slightly from 79.922 on Tuesday.

Silver for December delivery fell 17.3 cents, or 0.54 percent, to close at 31.62 dollars per ounce.

 

Gold futures on the COMEX

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