Gold Prices Decline for the Second Consecutive Day

Gold futures continued to decline for the second consecutive day despite a drop in global stock prices following China's economic growth data for the third quarter of this year, which came in below expectations. The dollar also weakened against major currencies after rising at the start of trading. The dollar index fell to 93.87 points, having recorded 94.17 points at the beginning of Asian trading. Gold prices decreased by $2.60, or approximately 0.2%, to $1,765.70 per ounce for December delivery. Silver prices fell by $0.085 to $23.264 per ounce for the same delivery month. Copper prices dropped by $0.0040 to $4.7255 per pound for December delivery. This comes as China's economic growth slowed to 4.9% year-on-year in the third quarter of the year, according to data released by the country's statistics office yesterday. These third-quarter figures are the weakest so far this year. China recorded a record growth of 18.3% in the first quarter and 7.9% in the second quarter. The cumulative growth rate for the Chinese economy during the first three quarters - from January to September - was 9.8%. China's economy initially recovered strongly after overcoming the COVID-19 pandemic. However, economists have recently warned of a full range of factors that could negatively impact the Chinese economy and foreign companies operating there.