Gold trades at levels last week
Bank metal growth above $1800 per ounce did not take place. The Chinese economy slowed to an annual low in the third quarter due to power outages, supply chain problems and volatility in the real estate market. The volume of Chinese GDP in July-September increased by 4.9% in annual terms and by 0.2% compared to the second quarter. Analysts expected growth of 5.2% and 0.5%, respectively. Chinese stock indexes closed lower on Monday. Oil continued to grow at the beginning of the week against the backdrop of demand recovery. Global market signals carry the precious metal rally to a late date.
However, the major Wall Street indexes showed gains at the end of the week after good financial results from Goldman Sachs. Strengthening US retail sales has increased economic recovery optimism. The banking index climbed 0.8% following a rise in the yield on 10-year Treasury bonds. Such a news background reduced long positions on gold at the end of last week.
Today gold will be sensitive to publications from the United States, the number of building permits issued and the volume of construction of new houses will be released.