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Gold recovers from three week low     Back
(10:25, 15 Oct 2019)

COMEX Gold marked a good recovery yesterday as three week lows triggered good buying amid tepid economic releases globally. The metal also saw some safe haven buying on Turkey's incursion into Syria. COMEX Gold futures are currently trading flat at $1499 per ounce. Broad economic cues remained tepid. Global GDP growth is decelerating, while trade and industrial production are stagnating, according to South Asia Economic Focus update released by the World Bank yesterday. The slowdown has been severe in South Asia, which in recent quarters was no longer the fastest growing region in the world. China's exports declined in September reflecting weak global growth and trade disputes with the US administration. In dollar terms, exports fell 3.2% year-on-year in September, data from the General Administration of Customs showed Monday. This followed prior month's 1% fall. At the same time, imports decreased 8.5%. As a result, the trade surplus increased to $39.65 billion from $34.83 billion a month ago.

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