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發表於 2007-4-20 12:19:09
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Gold dips as China growth sparks rate fears
Gold futures fall as much as $10 an ounce; silver drops to a
two-week low
Gold futures dropped $5 an ounce Thursday to close at their lowest level in a week, as news of faster-than-expected growth in China in the first quarter triggered worries that the government will have to take measures to slow down its economy, reducing demand for metals.
The metals had "a very negative session in Shanghai, where copper closed limit down," said Edward Meir, analyst at Man Financial, in a note to clients.
"Negative sentiment in Shanghai was fueled by talk that the Chinese may once again raise interest rates in light of reports that China's economy grew at a faster-than-forecast 11.1% pace in the first quarter of this year," Meir said.
In Asia overnight, stocks fell sharply Thursday, led lower by China's Shanghai Composite Index, which shed 4.5% on renewed concerns that rapid growth may lead to higher interest rates.
After the close of trading, Beijing's National Bureau of Statistics reported China's gross domestic product grew 11.1% in the first three months of the year, quickening from a 10.4% pace of growth in the final quarter of 2006. |
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