Gold prices traded slightly higher on Wednesday after weak Chinese service sector activity data, suggested world economic growth may be slowing.
Price actionMarket drivers “Fragile market confidence and a dip in equities on the back of concerns about the health of the global economy has seen investors keen to keep hold of their safe haven gold assets,” said Rupert Rowling, market analyst at Kinesis Money, in emailed commentary shared with MarketWatch.
Gold prices have fallen over the past two months though as a result, since the prospect of higher interest rates benefits the U.S. dollar, which tends to have an inverse relationship with gold. In China, the Caixin private survey of the services sector showed activity slowed in June at a much faster pace than expected.
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