Gold And Silver React To Weak Economic Data From China

GOLD

Gold and Silver prices are notably lower today after the release of Chinese economic data that showed a decline in exports from the world’s second-largest economy. This data has caused some concerns of weakening demand to rise in the raw commodities market.

Analysts continue to wait for cues from the Federal Reserve on interest rate cuts, expecting better news for Gold following the announcement of the first cut. Fed Chair Jerome Powell is expected to speak later this week.

At 11am PT today, Gold is trading at $1970 per ounce, down $12.

SILVER

Silver followed Gold down following the economic data release from China and has settled under the $23 level this morning, but is holding above the key $22.14 support level.

At 11am PT today, Silver is trading at $22.65 per ounce, down $0.47.