Gold near two week low
Duncan Richardson, News Editor
22 Apr 2014, 10:38 a.m.
Gold dropped to its lowest level in two weeks as traders consider increased physical demand in China against positive economic data from the U.S.
According to Sun Yonggang, market analyst at Everbright Futures, “Gold remains under pressure as long as economic data out of the U.S. is positive. We see some support from the little pickup in physical activity when prices fall below $1,300.”
Funds under management at the world’s largest gold ETF, the SPDR Trust, decreased to 792.14 metric tonnes, its lowest level for 12 weeks.
Gold for June delivery traded at $1,289.10 per ounce in New York yesterday, silver slipped by 0.4% to $19.36 per ounce, platinum rose to $1,409 per ounce and palladium increased 0.2% to $781 per ounce.