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Gold Drops on China’s Manufacturing, Copper Pares Losses

July 25, 2013 at 0:13 by Vladimir Vyun

Gold fell today as China reignited concerns about global growth. Copper was also soft, but managed to pare losses. The HSBC Flash China Manufacturing Purchasing Managers’ Index fell from 48.2 in June to 47.7 in July, reaching the lowest level in eleven months. The report frustrated market participants who have expected an increase to 48.6.

Chinese politicians managed to alleviate concerns about growth for a short time, but it looks like fears are back again. At the same time, data from Europe and the United States was not bad at all, limiting gold’s losses and allowing copper to recover. Yet good reports from the USA are not necessary positive news as signs of economic expansion increase chances for stimulus reduction by the Federal Reserve.

December futures for delivery of gold added $2.2 (0.17 percent) to $1,317.9 per troy ounce as of 00:04 GMT on COMEX today. September copper rallied $0.0095 (0.3 percent) to $3.1885 per pound today after falling 0.6 percent to $3.179 yesterday.

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