Gold Price Swings With Strong Chinese Economic Data

Eye on Equities  |  2014-02-19 01:51:16   |   By

Gold price on Wednesday was seen to swing between gains and losses during Asian trading reflecting which reflected the strong Chinese economic data.

NEW YORK (Scrap Monster): Gold price on Wednesday was seen to swing between gains and losses during Asian trading reflecting which reflected the strong Chinese economic data. The reflections of China being pushed up to the world’s largest gold consumer was found to show certain ups and downs in the price of gold on Wednesday on Asian trading.

Gold futures for April delivery on the Comex division of the New York Mercantile Exchange was found to trade at $ 1,322.20 a troy ounce in the Asian trading market that indicated a market rise by 0.02%.

The Chinese Ministry of Commerce on Tuesday announced that there was a 16.1 % hike in the Foreign Direct Investment (FDI) of the country that reached $ 10.76 billion last month in 2014. Gold price however was found to drop by $ 1321.40 on Tuesday before increasing marginally by 1323.00 to settle at $ 1322.00 later the day. Gold future was also found to settle low from Feb. 10 at $ 1265.00 per troy ounce. The resistance however increased by $ 132561.00, indicating a high from Oct. 28. US Dollar also weakened on Tuesday. Moreover, the new orders also dropped after a 11 month high to 0. Investors were focused on the speculation whether the US Fed Reserve will slow the pace of reductions.

Regarding Silver, Silver for March delivery dropped 0.30%, settling at $ 21.880 a troy ounce.