by Ewa Manthey
Gold edged lower on Friday morning in London, with the market’s attention on the two-day G20 meeting that starts today in Shanghai.
- The spot gold price was last at $1,231.80/1,232.20 per ounce, down $1.50 on Thursday’s close. Trade has ranged from $1,231.90 to $1,240.20 so far. Silver was down 10 cents at $15.025/15.045and platinum at $916/921 was down $5 while palladium was unchanged at $479/484.
- Market participants will be watching the G20 meeting for any agreement between the various finance ministers and central bankers on boosting policy coordination and restoring confidence.
- Asian equities were firmer today after Chinese markets plunged more than six percent on Thursday. The firmer tone seems to have been prompted by People’s Bank of China (PBoC) governor Zhou Xiaochuan saying “China still has some monetary policy space and multiple policy instruments to address possible downside risks”.
- In a busy day for US data, preliminary GDP, the core PCE price index, the goods trade balance, personal spending, personal income, the preliminary GDP price index, revised UoM consumer sentiment and revised UoM inflation expectations are scheduled for release.
- “Resistance towards $1,240-1,245 continued to cap the market during Asian/European trade, while market participants will likely shy away from adding to positions ahead of the US GDP print tonight,” MKS noted.
(Editing by Mark Shaw)
