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Metal meltdown as gold glitters
Disappointing economic figures out of China confirm the country’s slowdown has continued into the New Year. Ole Hansen, Saxo bank’s Head of Commodity Strategy, details the implications of these recent announcements.
China’s manufacturing sector looks like it's in a continuing cool down as PMI levels fall to 49.6; causing growth dependent commodities to decline. This news comes only days after annual economic growth figures dipped to 7.7 percent, a six-month low for China.
Meanwhile there's been an upswing in commodities like gold, as Hansen notes, due to the recent weakening of the US Dollar. Gold prices are trading within a range of 1,230 – 1,260.
01:03 minutes
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