Gold Falling After Promising Data From China, But it is on The Way to Achieve a Weekly Rise

Gold prices fell on Friday, April 9th, as strong economic data from China boosted hopes for a quick recovery, but the yellow metal is on track to rise by more than 1% per week with the dollar and US Treasury yields falling from their recent high levels.

China’s factory-gate prices rose in March at the fastest annual pace since July 2018, above estimates.

In spot transactions, gold fell 0.4% to $ 1748.81 an ounce, after reaching its highest level since the first of March at $ 1758.45 an ounce yesterday.

And US gold futures fell 0.5% to $ 1748.70 an ounce.

However, the metal gained about 1.2% this week, after losses it incurred over two weeks.

And strong economic data recently, driven by massive stimulus measures, has chilled the safe-haven demand for gold.

Fed Chairman Jerome Powell hinted yesterday that the central bank is far from reducing its support for the US economy and warned that the anticipated price increase this year is likely to be temporary.

As for the other precious metals, silver fell 0.8% to $ 25.23 and platinum fell 1.2% to $ 1214.67.

Palladium rose 0.2% to $ 2,630.11, but is on track for its biggest weekly decline since the week ending February 26th.