Gold Prices Declined in Heavy Volume as Worse Than Expected Chinese Economic Data Clobbered Commodity Prices

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Gold prices declined in heavy volume as worse than expected Chinese economic data clobbered commodity prices

Gold prices were hammered on Monday after the Chinese government released weaker than expected Gross Domestic Product data. According to officials, Chinese GDP climbed by 7.7% in the first quarter on a year over year basis, compared to expectations that it would climb by 8%.

A recent article published in Wealth Advisor Club suggests that the combination of weaker than expected GDP and Industrial production was the nail in the coffin for the yellow metal, which declined more than $100 dollar per ounce or nearly 10%.

According to the article, the Chinese data was soft in all areas with the exception of Retail Sales which came in slightly better than expectations at 12.5%.

Later in the week, the Chinese government released inflation data that was better than expected which should allow the Peoples Bank of China to alter monetary policy creating a more accommodative capital markets environment.

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Donald Fawcett
Paramount Digital Publishing
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