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Gold is falling as the dollar makes use of Chinese monetary easing
Gold fell on Monday as the dollar rallied after monetary easing from China's central bank boosted the economy amid fears that a deepening trade dispute with the United States could hurt growth.
The People's Bank of China (PBOC) on Sunday announced a sharp cut in the liquidity level that banks should keep as reserves in a new move to cut financing costs and stimulate growth.
At 0441 GMT the spot price of gold was down 0.5 percent at $ 1196.61 an ounce. US gold futures fell 0.5 percent to $ 1200.50 an ounce.
"Although the dollar index has not gone much higher, China's decision may be viewed by some market participants as a sign of weakness due to the trade war, which could benefit the dollar," said John Sharma, economist at Australia National Bank.
The dollar gained 0.1 percent against a basket of six major currencies after China followed monetary policy easing by allowing the yuan to fall, although the decline did not come as severe as some feared.
"Perhaps the trade war affects China more than it thought, and then the need to facilitate policy, which has weakened the demand for gold there," said a trader in Singapore.
Gold prices fell more than 12 percent from April's peak, mainly due to the strength of the dollar benefitting from the vitality of the US economy, rising interest rates in the United States and fears of a global trade war.
Silver fell 0.7 percent on spot trade to $ 14.48 an ounce and palladium dropped 0.3 percent to $ 1,066.10. Platinum fell 0.7 percent to $ 814.74 an ounce.
http://economy-news.net/content.php?id=13869
Gold fell on Monday as the dollar rallied after monetary easing from China's central bank boosted the economy amid fears that a deepening trade dispute with the United States could hurt growth.
The People's Bank of China (PBOC) on Sunday announced a sharp cut in the liquidity level that banks should keep as reserves in a new move to cut financing costs and stimulate growth.
At 0441 GMT the spot price of gold was down 0.5 percent at $ 1196.61 an ounce. US gold futures fell 0.5 percent to $ 1200.50 an ounce.
"Although the dollar index has not gone much higher, China's decision may be viewed by some market participants as a sign of weakness due to the trade war, which could benefit the dollar," said John Sharma, economist at Australia National Bank.
The dollar gained 0.1 percent against a basket of six major currencies after China followed monetary policy easing by allowing the yuan to fall, although the decline did not come as severe as some feared.
"Perhaps the trade war affects China more than it thought, and then the need to facilitate policy, which has weakened the demand for gold there," said a trader in Singapore.
Gold prices fell more than 12 percent from April's peak, mainly due to the strength of the dollar benefitting from the vitality of the US economy, rising interest rates in the United States and fears of a global trade war.
Silver fell 0.7 percent on spot trade to $ 14.48 an ounce and palladium dropped 0.3 percent to $ 1,066.10. Platinum fell 0.7 percent to $ 814.74 an ounce.
http://economy-news.net/content.php?id=13869
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