Commodity Alert: Gold Prices Gain In Asia With China Trade Data Showing Surge In Imports
Gold prices gained as January trade data on China showed a narrower than expected surplus even as imports soared. Exports rose 11.1%, compared to a 9.6% gain seen and up from 10.9% in December, while imports soared 36.9%, compared to a 9.8% rise expected, and a jump from 4.5% in December. Gold prices fell to five-week lows as the dollar continued to advance amid a sharp uptick in Treasury yields. The United States 10-Year rose to four-year highs sparking a move higher in the dollar, pressuring gold to five-week lows following news that the Senate agreed a budget deal.
Impact Negative for Gold
Source:Investing
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