[MARKET ANALYSIS] Spot gold trades slightly firmer, whilst base metals are lower after China forecasts lowest GDP figure since 1991
Importance
Level 1
- Spot gold initially edged higher but then stalled near the vicinity of USD 5,200/oz. Price action was relatively tame compared to recent moves, and there was little reaction to news that Venezuela's Minerven inked a multimillion-dollar deal with Trafigura to sell up to 1,000 kilos of gold destined for US markets. XAU and XAG are trading in the upper end of USD 5120.82-5158.77/oz and USD 80.523-85.545/oz, ranges respectively.
- Base metals are trading slightly lower, with 3M LME copper trading in the lower range of USD 12.87-12.96k/t. Sentiment for the red metal has been weighed down by China, its biggest market, which set its lowest GDP growth target since 1991. Elsewhere, JPMorgan said if increased headlines indicate material disruptions to Middle East supply, then aluminium prices have the potential to quickly run toward USD 4,000/mt.
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