Gold prices were hammered on Monday after the Chinese government released weaker than expected Gross Domestic Product data. According to officials, Chinese GDP climbed by 7.7% in the first quarter on a year over year basis, compared to expectations that it would climb by 8%.
A recent article published in Wealth Advisor Club (http://thewealthadvisorsclub.com/gold/1120/gold-loses-its...) suggests that the combination of weaker than expected GDP and Industrial production was the nail in the coffin for the yellow metal, which declined more than $100 dollar per ounce or nearly 10%.
According to the article, the Chinese data was soft in all areas with the exception of Retail Sales which came in slightly better than expectations at 12.5%.
Later in the week, the Chinese government released inflation data that was better than expected which should allow the Peoples Bank of China to alter monetary policy creating a more accommodative capital markets environment.
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