PRECIOUS-Gold touches 2019 low as China data lifts risk assets

April 18 (Reuters) – Gold costs on Thursday touched their lowest this yr, and have been on track for a fourth straight weekly decline, as current financial information drove traders in the direction of riskier property, with merchants eyeing clues to gauge the well being of world economic system.

FUNDAMENTALS

* Spot gold was down zero.1 p.c at $1,272.33 per ounce, as of 0147 GMT, having touched $1,271.71 earlier within the session, its lowest since Dec. 27, 2018.

* U.S. gold futures dipped zero.2 p.c decrease to $1,274.50 an oz.

* Financial information from China tempered issues about international progress and took the sheen off safe-haven bullion.

* Buyers’ instant focus turned to the discharge of Buying Managers Indexes (PMIs) for the manufacturing and repair sectors in Europe later within the day to offer extra clues on the power of the euro zone economic system.

* Asian shares edged as much as a nine-month excessive with the Good Friday and Easter holidays retaining traders on the sidelines.

* The euro was buoyant on Thursday after extra proof of power in China improved the outlook for the worldwide economic system, with the market trying subsequent to European indicators to offer the forex with an extra increase.

* China’s economic system grew at a gradual 6.four p.c tempo within the first quarter, defying expectations for an extra slowdown, as industrial manufacturing jumped sharply and shopper demand confirmed indicators of enchancment.

* The U.S. Federal Reserve mentioned on Wednesday it discovered financial exercise within the nation grew at a slight-to-moderate tempo in March and early April.

* The U.S. commerce deficit fell to an eight-month low in February as imports from China plunged, briefly offering a lift to President Donald Trump’s “America First” agenda and financial progress within the first quarter.

* Japanese manufacturing exercise contracted at a barely slower tempo in April as a result of a pick-up in hiring, however new export orders fell on the quickest tempo in nearly three years in an indication sluggish international demand stays a significant strain level for the economic system.

* Holdings of SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, edged up zero.08 p.c to 752.86 tonnes on Wednesday from 752.27 tonnes on Tuesday, nonetheless round their lowest ranges since Oct. 27.

DATA AHEAD (GMT)

* 0715 France Markit Mfg Flash PMI April

* 0730 Germany Markit Mfg Flash PMI April

* 0800 EU Markit Mfg Flash PMI April

* 0800 EU Markit Serv Flash PMI April

* 0800 EU Markit Comp Flash PMI April

* 0830 UK Retail Gross sales MM March

* 0830 UK Retail Gross sales Ex-Gas MM March

* 0830 UK Retail Gross sales YY March

* 1230 U.S. Preliminary Jobless Claims Weekly

* 1230 U.S. Retail Gross sales MM March (Reporting by Arijit Bose in Bengaluru, Enhancing by Sherry Jacob-Phillips)

Our Requirements:The Thomson Reuters Belief Ideas.

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