Gold falls amid big jump of Chinese exports and eased concerns on Greek debt crisis

08:50, March 11, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange closed lower on Wednesday amid a big jump of China's exports. Sliver and platinum both ended lower.

The most active gold contract for April delivery dropped 14.2 dollars, or 1.3 percent, to finish at 1,108.1 dollars per ounce.

China's exports were up 45.7 percent in February over a year earlier, while imports surged 44.7 percent, according to the General Administration of Customs of China. This indicates a new sign of growing global demand for Chinese goods.

The Portuguese government on Monday revealed austerity plans involving spending cuts,and Portugal's debt agency on Wednesday said it has raised 1.35 billion dollars in a bond auction that had more bids than bonds available. Meanwhile, Greece also raised about 6.8 billion dollars with a bond issue last week.

This proves that these countries' austerity plans are easing market concerns and gaining support from investors. The improving sign of China's exports and eased concerns on European economy made investors feel confident about the global economic prospects, reducing gold's demand of safe-haven.

May silver declined 32 cents to 17.018 dollars per ounce. April platinum was down 6.7 dollars to 1,590.2 dollars an ounce.

Source:Xinhua
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