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MTECHTIPS:- Gold closes flat, as China exports suffer worst decline since 2009
Gold futures ticked up on Tuesday remaining near 13-month highs, as investors took part in a flight to safety from equities in China following the latest batch of subdued data from the world’s second-largest economy. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded between $1,263.50 and $1,279.00 an ounce before settling at $1,265.60, up 1.60 or 0.13% on the session. At session highs, gold came percentage points away from touching last week’s highs of $1,279.90, its highest level since the start of 2015. Gold ended February with its best month in more than a decade and is on pace for its strongest opening quarter in nearly 30 years. After ending last year just above $1,050 an ounce, the precious metal has surged by nearly 20% over the last nine weeks. Gold likely gained support at $1,063.20, the low from January 4 and was met with resistance at $1,284.70, the high from Feb. 3, 2015. In China, the Customs Administration said Tuesday that exports fell by 25.4% on an annual basis in February, extending losses from a month earlier when they dipped by 11.2% on the month. While exports were expected to fall considerably due to the Chinese New Year, the figure came in sharply below analysts’ expectations for a 15% decline. With the declines, exports decreased at their highest monthly rate since the depths of the Financial Crisis.
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