The most liquid gold contract closed lower on Monday. Global markets absorb the mixed data from the Chinese economy, as well as political developments in the United Kingdom, which chose Rishi Sunak as the latest news.
In Comex, the metals division of the New York Mercantile Exchange (Nymex), gold for December delivery closed 0.13% lower at $1,654.10 an ounce.
China has been in the spotlight this session, with a string of economic indicators. Gross domestic product saw an annual increase of 3.9% in the third quarter of the year, above expectations. On the other hand, exports slowed in September, exceeding analyst expectations, while imports disappointed. The country’s industrial production exceeded expectations last month, while retail sales came in below expectations.
In a report, ANZ notes that the Chinese economy still looks weak. Nordea, in turn, notes that such an assessment occurs even after Xi Jinping’s reappointment to the presidency. Both banks estimate growth of 3% of Chinese GDP this year.
Also on the business office’s radar was the election of former British finance minister Rishi Sunak, who would serve as prime minister. The pound lost ground after the announcement. With the gold closing date approaching, the DXY index, which compares the dollar to six competitive currencies, was operating near stability.
For central banks this week, the most important thing is the decision of the European Central Bank (ECB) and the Bank of Japan (BoJ), while the Federal Reserve (Fed, the US central bank) remained in a period of silence.
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Emily Brontë is a journalist and feature writer specialising in culture, entertainment, literature, and current affairs. She is dedicated to producing clear, accurate reporting that helps readers stay informed about developments in the UK and around the world.
