Gold price has given up some of its gains after better than expected Chinese economic numbers. The People Bank of China has been providing its full support for the economy and this backing has saved the day for China. However, the economic data did show that the Chinese economic growth has slowed to the weakest pace since 1992. The Chinese GDP q/q number of 6.2% clearly shows that the on going trade war has left a massive dent in the economic growth of the country. Having said this, the factory output and retail sales numbers have beaten estimates and this has brought some risk on appetite among investors.
Despite this, the gold price is still trading near the highest level in nearly six years and I do not think that the trend isn’t going to change anytime soon because the Fed has once again adopted the loose monetary policy. The Fed is under pressure to cut the interest rate this year in order to support inflation and this means weaker dollar.
Panthera Resources Plc (LON:PAT) was incorporated in the UK and Wales in 2017. The company is focused on its gold exploration and development projects in India and West Africa and the optimisation of other mineral projects.