Gold dips on China trade data
On Monday, gold prices headed south, while copper gained as market participants digested trade data from China, which showed a wider than expected surplus, but with poor imports.
In New York, December delivery gold futures sagged 0.21%, being worth $1,341.55 per troy ounce. September delivery silver futures sank 0.69%, trading at $19.680 per troy ounce. Aside from that, September delivery copper futures ascended 0.51%, trading at $2.171 per pound.
The previous week, gold prices slumped to a one-week minimum on Friday, after data disclosed in July the US economy managed to create more jobs than expected, thus raising the likelihood of an interest rate lift from the Federal Reserve in the nearer months.
In China, July’s trade balance is expected at a surplus of approximately $47.6 billion, with exports down 3.0%, imports down 7.0%, both year-on-year.
By the way, China appears to be the world's number one copper importer and also second largest gold importer behind India.