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05.03.2012 16:38

Gold is cheaper on the news from China

The price of gold falls amid falling demand for commodities due to investors' concern for the economic development of China and the eurozone.

Investors are concerned about economic news Monday from China, a major trading partner of Japan. On Monday it was announced that the PRC government plans to ensure growth of the national economy in the current year at 7.5%. Thus in 2011, according to the State Statistical Bureau of China, the economy grew by 9.2%.

In addition, according to the Prime Minister of China, consumer price inflation in the country in 2012 will be at 4%. The average 2011 inflation rate was 5.4%, although the Chinese government hoped to keep the average annual inflation in 2011 at around 4%.

In addition, investors continue to fear for the economy of the eurozone. On Monday, their fears were supported by the weak macroeconomic statistics in the region. On Monday it was reported that the composite index of business activity in the field of industrial production and services for the 17 eurozone countries, the final assessment, in February fell to 49.3 points from 50.4 points in January. Analysts were expecting at the same time maintain an index for February on the original mark of 49.7 points. An index value above 50 indicates growth in economic activity, lower - its decline.

March futures of gold on COMEX today fell to 1695.4 dollars per ounce.

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