Gold prices stays above $1,200 after reserve ratio cut by China

Gold prices stays above $1,200 after reserve ratio cut by China

The People’s Bank of China reduced the number of deposits that banks must hold as reserves to 18.5% from 19.5% as of April 20, it was announced on Sunday. Image Source: http://bit.ly/1H7M0f0

Prices of gold futures held above the level of $1.200 on Monday after China this weekend moved aggressively to ease monetary policy in the wake of last week’s data that pointed to poor economic performance for the standards of the Middle Kingdom. And as uncertainty regarding Greece rescue talks with its creditors stayed in focus.

On the Comex, gold futures for June delivery tacked on $2.50, or 0.21%, to trade at $1,205.60 a troy ounce.

China, the world’s largest energy user and industrial metals, lowered the amount of cash lenders must abandon as reserves by the most since 2008 to support the economy in the midst of slowest expansion in six years.

The People’s Bank of China reduced the number of deposits that banks must hold as reserves to 18.5% from 19.5% as of April 20, it was announced on Sunday.

The decision came after official data last week showed that the Chinese economy grew 7.0% in the first quarter.

The data industrial production activities, retail sales and investment in fixed assets also lived up to forecasts, indicating that China must act to prevent the further slowing economy.

In the domestic market has seen an increase in gold prices. The weakness of the rupee has supported the domestic gold prices. But in the international market gold is trading in small range.

MCX gold is trading stronger above 0.15 per cent to Rs 26,850.

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