Gold Edges Higher in Likely Technical Rebound

0732 GMT – Metal prices are holding steady as weak demand, especially from the Chinese property sector, diminishes sentiment. Three-month copper is flat at $8,235 a metric ton, putting it nearly 7% lower this month, while aluminum is 0.1% higher at $2,145 a ton. Gold meanwhile is up 0.3% higher at $1,921.50 a troy ounce. “Weak manufacturing activity is dragging down metals. Softening demand is evident in that the future price is more than spot price across the sector,” ANZ Research says in a note. It adds that the Chinese property sector in particular is looking bleak. “Despite easing monetary policy, credit growth remains lackluster. Investments in real estate is faltering due to slumping property sales and prices.” ([email protected])

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