Gold price was battered on Thursday after an industry survey indicated that manufacturing growth in June 2012 was at its slowest pace in 11 months. This slowed the hiring in the sector as overseas demand for the U.S. products weakened.
Another commodity which took a hit was Crude Oil. Crude oil futures traded below USD80 per barrel for the first time since October 2011 after a number of weak U.S. data added to concerns over the economic recovery of the world’s largest economy.
China's dismal manufacturing data and the euro zone crisis further dampened the appeal of growth-linked assets.
Yours Truly,
Tony Chai
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