Gold remains near lowest price since late December
Gold's break below key support levels, including the 100- and 50-day moving averages, signals a further downside to prices, analysts say
Bengaluru — Gold prices on Wednesday held near four-and-a-half-month lows touched in the previous session as economic data from China tempered concern about global growth, boosting risk appetite. Spot gold was broadly steady at $1,276.31 per ounce by 11.29am GMT, having fallen as much as 1.2% to $1,272.70, its lowest since December 27, on Tuesday. US gold futures were up 0.1% at $1,278.50 an ounce. "Investors are betting on the recovery of markets and that's mostly what's pulling gold down. The main market driver is moving from central banks to what is happening in the stock markets," said Carlo Alberto de Casa, chief analyst with ActivTrades. Data showed China's economic growth in the first quarter remained steady at 6.4%, beating expectations for a 6.3% expansion. World stocks inched higher after a raft of Chinese data signalled Beijing's recent stimulus drive might be paying off. Gold prices have fallen more than 5% since touching a 10-month peak in February. On the technical fro...
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