SINGAPORE: Gold steadied near $1,280 an ounce on Monday, after posting
its biggest monthly gain in three years, as a shaky outlook for the
global economy preserved bullion’s safe-haven draw.
A pair of surveys showed China’s factory sector struggled in January, adding to worries over the global outlook after US gross domestic product marked a sharp slowdown in the fourth quarter.
“Overall there’s a sense that the global economy is not doing well and that has boosted the safe-haven appeal of gold. In the short term, we should see gold stay above $1,250,” said Howie Lee, investment analyst at Phillip Futures.
Spot gold was dipped 0.3 per cent to $1,279.50 an ounce by 0659 GMT after rising 2 per cent on Friday. It ended January with a gain of 8.4 per cent, its largest monthly increase since January 2012.
But Lee said the metal’s steep gains in the previous session may have been “overdone”.
“A single disappointing Q4 GDP data is unlikely to sway the Fed’s decision drastically,” said Lee, who thinks that the US central bank is still well on track to raise interest rates by June amid signs of a generally strengthening economy.
US gold for April delivery was little changed at $1,280.10 an ounce.
US economic growth slowed to a 2.6 per cent annual pace from a 5 per cent rate in the third quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.
China’s factory sector unexpectedly shrank for the first time in nearly 2-1/2 years in January and firms see more gloom ahead, official data showed on Sunday.
A pair of surveys showed China’s factory sector struggled in January, adding to worries over the global outlook after US gross domestic product marked a sharp slowdown in the fourth quarter.
“Overall there’s a sense that the global economy is not doing well and that has boosted the safe-haven appeal of gold. In the short term, we should see gold stay above $1,250,” said Howie Lee, investment analyst at Phillip Futures.
Spot gold was dipped 0.3 per cent to $1,279.50 an ounce by 0659 GMT after rising 2 per cent on Friday. It ended January with a gain of 8.4 per cent, its largest monthly increase since January 2012.
But Lee said the metal’s steep gains in the previous session may have been “overdone”.
“A single disappointing Q4 GDP data is unlikely to sway the Fed’s decision drastically,” said Lee, who thinks that the US central bank is still well on track to raise interest rates by June amid signs of a generally strengthening economy.
US gold for April delivery was little changed at $1,280.10 an ounce.
US economic growth slowed to a 2.6 per cent annual pace from a 5 per cent rate in the third quarter as weak business spending and a wider trade deficit offset the fastest pace of consumer spending since 2006.
China’s factory sector unexpectedly shrank for the first time in nearly 2-1/2 years in January and firms see more gloom ahead, official data showed on Sunday.
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