Data showing growth in factory activity during November in China, the world’s biggest gold consumer, pushed up equity markets
Bengaluru — Gold fell on Monday after better-than-expected manufacturing data from China assuaged fears of a slowdown in global growth while deficit-ridden autocatalyst metal palladium soared to a record high.Data showing growth in factory activity during November in China, the world's second-largest economy and biggest gold consumer, pushed up equity markets.
Gold is considered a safe store of value at times of political or economic uncertainty. Demand for the metal was further pressured by the rising dollar, making dollar-denominated bullion more expensive for buyers using other currencies. “Nothing particularly has really changed [on the trade front] from last week, the market remains in the dark about how things will progress. Investor appetite for gold is just waning a little bit on lack of direction,” ANZ analyst Daniel Hynes said.
Investors now await manufacturing data from the US later in the day. Palladium was up 0.3% at $1,847.08, having surged to a record high of $1,851. The metal has risen about 46% in 2019.
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