Gold price lower following downbeat China data

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Gold prices are down and silver prices near steady in early U.S. trading Thursday, following a deflationary report from China. April gold was last down $10.40 at $2,041.30. March silver was last up $0.015 at $22.375. China reported its consumer price index fell 0.8% YoY in January, the fourth consecutive month of declines and the biggest contraction since 2009. Nigel Green, CEO of deVere Group, said prolonged deflation in China poses a threat to its manufacturing and export sectors. Asian and European stock markets were mixed in overnight trading. U.S. stock index futures are set to open modestly down today. The U.S. dollar index is firmer, Nymex crude oil prices are higher, and the yield on the 10-year U.S. Treasury note is 4.125%. U.S. economic data due for release includes the weekly jobless claims report, monthly wholesale trade, and monthly retail chain store sales. Gold futures bulls have the slight overall near-term technical advantage, with resistance at $2,100.00 and support at $2,000.00. Silver bears have the overall near-term technical advantage, with resistance at $23.72 and support at $21.17.

#Gold #Silver #China #Deflation #StockMarkets #EconomicData

https://www.kitco.com/news/article/2024-02-08/gold-price-lower-following-downbeat-china-data