Investing.com - Gold and copper prices were mostly steady on Friday in Asia after Japan reported solid industrial output, but downbeat data on jobs, inflation and retail sales
National core CPI in Japan rose 2.2%, below the 2.3% year-on-year for January expected. The unemployment rate in January ticked up to 3.6%, compared to an expected steady rate of 3.4%. Household spending fell 5.1% in January year-on-year.
Industrial production month-on-month jumped 4.0%, well above an expected gain of 2.7% and retail sales fell 2.0%, compared to a forecast of down 1.3% year-on-year.
On the Comex division of the New York Mercantile Exchange, gold futures for April delivery eased 0.02% to $1,209.80 a troy ounce.
Meanwhile, silver futures for May delivery fell 0.13% to $16.603 a troy ounce.
Elsewhere on Comex, copper for May delivery fell 0.03% to $2.690 a pound.
Overnight, gold closed higher for the second consecutive day amid the release of mixed U.S. economic data and revamped metal trading in Asia.
At one point on Thursday, prices on the Shanghai Gold Exchange reached several dollars higher per ounce in comparison with international gold prices. China ranks second in the world behind India in gold purchases.
Gold prices dipped earlier this week as Chinese markets remained closed for Lunar New Year celebrations.
Gold rose steadily on Thursday following reports of lowering U.S. inflation. The Consumer Price Index (CPI) fell 0.7% in January, slightly below estimates of a 0.6% decline.
The drop in inflation was the largest decline since December, 2008. The CPI, which slipped 0.3 percent in December, experienced a decline for the third straight month.
The reports were released one day after Janet Yellen concluded the first of her two semi-annual appearances before Congress.
Yellen, the Federal Reserve chair, indicated that the U.S. central bank will delay its plan of raising interest rates until wages increase and inflation moves closer to its targeted goal of 2%.
A delay in raising interest-rates is often regarded as a positive sign for gold, as it lowers the price of holding onto the precious metal.