Gold slumped 5-year low after Swiss voters ‘No’ vote and investors eyeing China manufacturing data

Gold slumped 5-year low after Swiss voters ‘No’ vote and investors eyeing China manufacturing data

Gold dropped over 2% a 5 year low on Monday after Swiss voters have rejected a plan for their central banks and oil accumulate bullion demand extended to five years under braking declines. And investors looking manufacturing data in China.

China is to release official data on manufacturing activity in November that was 50.8 in October and HSBC manufacturing index expected at 50.0.

On the Comex New York Mercantile Exchange, gold February futures delivery traded at $1,153.50 a troy ounce, down 1.06%.

Gold fell as much as 2.1 percent to $1,142.88 an ounce, the lowest level since Nov. 7, when it dropped to a four-year low of $1,132.16. The metal traded at $1,152.09 at 12:06 p.m. in Singapore.

Last week, gold prices fell to a two-week low on Friday as a strong decline in world oil prices.

Swiss voters called the scheme as an “invitation to speculation.”

Under the Swiss referendum was to buy more than 1,460 tons of gold market, which experts say could have provided a cushion price.

MCX gold in the domestic market, with a huge drop of about 2 per cent is trading below Rs 25,350. While silver is seeing fragility of nearly 4 per cent and it is trading around Rs 33,200.

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