Fell futures went lower during trading on Tuesday morning as investors as a measure of the dollar amid growing fears about the health of the global economy.
In the COMEX division of the New York Mercantile Exchange, the futures trading of gold for August delivery at 585.05, $ 1 per ounce during the early European trading, down by 0.25%.
Contracts in August, was trading in a narrow range between 588.85 1, dollars per ounce, the highest price lowest price for the day of the session at 584.15, $ 1 an ounce. When prices fell 0.1 576.55 dollars for Ansh on July 6.
The futures contracts for gold is likely to find support 551.35, $ 1 per ounce, the lowest price since June 29 and in the near term resistance at 609.85, the highest price since July 6.
In the meantime, continued concerns about the prospects for global economic growth after data showed that China’s imports in June grew to more than half of the expected ones, which confirms that the country’s economy and domestic demand falling rapidly, despite the fact that export growth was slightly better than expected.
In a report, said General Administration of Customs in China, the country’s trade surplus rose to its highest level in three years at $ 31.7 billion in June from $ 18.7 billion in the previous month.
The report said that exports rose by 11.3% in the month of June last year, the decline amounted to 15.3% in May. Imports grew by 6.3%, well below expectations of 11.0% and a sharp slowdown from 12.7% in the previous month.
Usually regarded as the widening trade surplus is a good sign, but the result in June and seemed to show a weakness in imports, which reinforced the fears of a slowdown in the second-largest economy in the world.
Investors await economic data in China later this week because of, including the growth figures in the second quarter, to measure whether China is on its way to land security or Undo ..
The deep slowdown in China would weaken the global expansion, which is already reeling because of the ongoing debt crisis in the euro area.