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Gold holds weaker after China trade data, copper gains as surplus widens

Gold prices held lower in Asia on Monday, but copper gained as investors digested trade data from China that showed a wider than expected surplus. but downbeat imports. In China, the trade balance for July is expected at a surplus of $47.6 billion, with exports down 3.0% and imports down 7.0%, both year-on-year. China is the world’s top copper importer and second largest gold buyer behind India. China said trade balance for July came in at a surplus of $52.31 billion, better than $47.6 billion expected, with exports down 4.4%, below the 3.0% fall seen and imports showing a 12.5% decline, far worse than the down 7.0% seen, both year-on-year. Earlier in Japan, the adjusted current account came in at ¥1.65 trillion, well below the surplus of ¥3.20 trillion for July expected. Bank lending rose 2.1%, beating the expected 2.0% gain. In China, FX reserves came in at CNY3.2 trillion, meeting expectations. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.21% to $1,341.55 a troy ounce. Also on the Comex, silver futures for September delivery eased 0.69% to $19.680 a troy ounce. Copper futures for September delivery rose 0.51% to $2.171 a pound.

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