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MTECHTIPS:- Gold closes lower, as China GDP grows at slowest pace in quarter century

Wednesday, January 20, 2016 3:25

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MTECHTIPS:- Gold closes lower, as China GDP grows at slowest pace in quarter century

Gold fell mildly on Tuesday in spite of a slightly lower dollar as annual GDP in China grew at its slowest pace in a quarter century last year, dampening demand enthusiasm for the precious metal in the world’s second-largest economy. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded between $1,082.50 and $1,094.30 an ounce, before settling at $1,089.30, down 1.20 or 0.11% on the session. Since surging by more than 1.5% last Friday during a massive sell-off in global equities, gold has inched down in each of the last three sessions. Gold is also down by approximately 2% since jumping to nine-week highs earlier this month when it peaked above $1,110 an ounce. Gold likely gained support at $1,058.50, the low from December 31 and was met with resistance at $1,111.10, the high from Jan. 8. On Tuesday morning, China’s National Bureau of Statistics said the national economy grew by 6.8% in the fourth quarter, down slightly from the previous quarter and the weakest since the first quarter of 2009. Accordingly, annual GDP in 2015 rose by 6.9%, significantly lower than growth of 7.3% a year earlier and the lowest amount in 25 years. The reading fell in line with analysts’ expectations, as strong services and consumption data offset weak manufacturing and exports figures. For nearly three decades, from 1989 until 2015, the Chinese economy grew nearly 10% a year, including an all-time high of 15.4% in 1993. The Chinese government set a target of 7% growth in 2015, as the economy continues a transition from a manufacturing-based, test economy to a consumer-based, service one.

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