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Monday, March 10, 2014

Gold futures rise after China's exports weak

Gold futures rise after China's exports weak

Gold futures on the COMEX division of the New York Mercantile Exchange gained on Monday (Tuesday morning GMT ) , after Chinese economic data was weaker than expected .

The most active gold contract for April delivery rose 3.3 dollars, or 0.25 percent, to close at 1341.5 U.S. dollars per ounce .

China's General Customs Agency on Saturday ( 8/3 ) said the country's exports in February unexpectedly dropped 18.1 percent from a year earlier , leaving a trade deficit of 22.98 billion U.S. dollars for the month.

The data adds to gloomy investor concerns about growth in China , one of the country 's largest gold consumer , although the Lunar New Year holidays blamed for the decline in exports .

Analysts linked the rise in the gold market this year with extreme weather , drought , the crisis in Ukraine and cheap valuation of assets " safe haven " .

Silver for May delivery lost 1.8 cents, or 0.09 per cent to close at 20.91 U.S. dollars per ounce , while platinum for April delivery dipped 6.4 dollars, or 0.43 percent, to close at 1477.2 U.S. dollars per ounce , according to Xinh

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