Gold (GLD) Goes Crazy; Trades Up Despite Fed Speak
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While global stock markets are selling-off, Gold and ETF SPDR Gold Shares (NYSE: GLD) are solidly higher. The move would seem counter-intuitive in light of comments from the FOMC that a number of members want to tighten by the June meeting.
Spot gold last traded at $1387.40, up 1.3%. ETF GLD last traded $134, up 1.56%.
The move in Gold could come as traders blow off Fed speak and see more central bank easing given a contraction of manufacturing in China. Today, HSBC's China Manufacturing Purchasing Mangers' Index fell to 49.6 in May from 50.4 in April, a seven-month low. A reading below 50 signals a contraction of activity.
Spot gold last traded at $1387.40, up 1.3%. ETF GLD last traded $134, up 1.56%.
The move in Gold could come as traders blow off Fed speak and see more central bank easing given a contraction of manufacturing in China. Today, HSBC's China Manufacturing Purchasing Mangers' Index fell to 49.6 in May from 50.4 in April, a seven-month low. A reading below 50 signals a contraction of activity.
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