empty
 
 

2021.10.1818:11:00UTC+00Gold Futures Settle Lower For 2nd Straight Day

Gold prices edged lower on Monday, extending losses from the previous session, despite global stock markets reeling under selling pressure after data showed a much slower than expected expansion of China's GDP growth in the third quarter.

The dollar's retreat after early strength limited gold's downside. The Dollar Index, which advanced to 94.17 in the Asian session, gave up gains and dropped to 93.87 later on in the day.

Gold futures for December ended lower by $2.60 or almost 0.2% at $1,765.70 an ounce.

Silver futures for December ended down by $0.085 at $23.264 an ounce, while Copper futures for December settled at $4.7255 per pound, down $0.0040 from the previous close.

Data from the National Bureau of Statistics showed China's economy grew slower than expected in the third quarter, hurt by power shortages, supply bottlenecks, sporadic Covid-19 outbreaks and major wobbles in the property sector.

China's GDP expanded 4.9% year-on-year in the third quarter of 2021, the data said, missing forecasts for 5.2% and down sharply from 7.9% in the second quarter.

The bureau also said that China's industrial production gained an annual 3.1% in the month, missing forecasts for 4.5% and slowing from 5.1% om August.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback