Gold Prices Fell On Thursday in Asia despite weak data from South Korea and Germany.
South Korea’s GDP shrank the most in a decade in the first quarter of 2019, data showed on Thursday morning.
Exports, which account for about half of Korea’s GDP, were weaker than expected amid weak demand from China, the nation’s biggest market.
Meanwhile, in Europe, German business sentiment unexpectedly fell in April.
Despite the weak data, prices of the safe-haven gold fell today. A wave of better-than-expected earnings results from U.S.-listed companies this week and strong U.S. housing data were cited as putting pressure on the precious metal.
Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2% at $1,277.35 per ounce by 1:40 AM ET (05:40 GMT).
Looking ahead, traders will now shift their focus towards the upcoming U.S. GDP data, which is due on Friday.
“Published & Edited By: Senior Financial Analyst. Alaa Tabib – Gulf Brokers DMCC – Regulated & Licensed By SCA & DGCX”
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