Gold Climbs Higher on the Back of Weak Economic Data From US, Canada
Gold soared to the highest levels in around six weeks early on Tuesday following the release of soft numbers from the US, even as markets
Gold soared to the highest levels in around six weeks early on Tuesday following the release of soft numbers from the US, even as markets await confirmation of the schedule for the signing of the phase one deal between the US and China. At the time of writing, GOLD is trading at a little above $1,490.
On Monday, data released by the Commerce Department revealed that new orders for capital goods made in the US grew very slightly even as shipments declined during November. This has highlighted worrying signs of business investment putting a strain on US’s Q4 GDP figures.
The safe haven appeal of gold also received a boost following the release of Canada’s GDP data, which revealed a surprising contraction by 0.1% in October. This was the first contraction in the Canadian economy since February 2019, driven by the US auto strike that month which impacted Canadian manufacturing.
Meanwhile, gold also remains supported as uncertainty rises about when the US and China will actually sign the phase one deal they announced recently. There is also a lack of clarity on when the second phase of negotiations on trade issues will begin between both countries and what issues will be on the agenda.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals