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| Commodity News |
| HeadLine : |
Gold prices down in Asia on profit taking, holiday demand weak |
| Date : |
Oct 22 2014 |
Gold prices eased in Asia on Wednesday on profit taking and with holiday demand failing to offer support.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,248.30 a troy ounce, down 0.27%, after hitting an overnight session low of $1,245.80 and off a high of $1,255.60.
Overnight, gold prices moved higher on news that China's gross domestic product grew less in the third quarter than in the second, which softened the dollar on fears that a cooling global economy may weigh on U.S. recovery.
China’s economy grew at an annual rate of 7.3% in the three months to September, slightly higher than the 7.2% forecast by economists but still slower than the 7.5% rate recorded in the second quarter.
It was the slowest rate of growth since the first quarter of 2009, in the midst of the global financial crisis, and the numbers pressured the greenback earlier on fears a slower global economy may dampen U.S. recovery.
Meanwhile in the U.S., better-than-expected data out of the housing sector cushioned the greenback's slide against the precious metal.
The National Association of Realtors said that existing home sales increased 2.4% to 5.17 million units in September from 5.05 million in August.
Analysts had expected existing home sales to rise 1% to 5.10 million units in September.
Silver futures for December delivery fell 0.21% at $17.513 a troy ounce. Copper futures for December delivery eased 0.11% to$3.025 a pound.
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