Commodities: Gold falls for first time in four sessions after China rate cut
Gold prices fell on Monday after four consecutive positive sessions as US stock market strength tugged at investor appetite.
A variety of US economic reports, mixed manufacturing figures from China and a surprise interest rate slash but its central bank also gave investors plenty to think about.
Gold futures for April delivery receded 0.4% to $1,208.20 an ounce.
IG analyst David Madden added: “The official manufacturing figures from Beijing showed the sector is still in contraction territory, and the loosening of monetary policy just proves how worried the Chinese authorities are about the economy.”
Meanwhile, Brent futures fell 4.3% to $59.87 at the end of Monday’s session, while ICE WTI futures increased 0.9% to $49.75.
Over on LME, three-month copper futures rose 1.5% to $5,939.00 a tonne. Madden said: “China's interest rate cut couldn't convince traders to purchase copper futures, and the metal has been trading aimlessly throughout the session.
“Traders won't be dashing to buy copper in the near future for fear the slowdown in China has yet to bottom out.”