Investing.com - Gold prices gained in Asia on Tuesday as prices data out of China, which vies with India as the world's top importer of the yellow metal, offered support and aided the bellwether industrial metal copper.
On the Comex division of the New York Mercantile Exchange gold for February delivery edged up 0.11% to $1.186.25 a troy ounce, while copper futures jumped 0.87% to $2.554 a pound after data on prices and a reading on economic growth buoyed sentiment.
In China, consumer prices for December rose 0.2% month-on-month, compared to a 0.3% gain seen and at an annual pace of 2.1% compared to 2.3% expected. Producer prices jumped 5.5% in December year-on-year at the fastest pace in five years, compared to a 4.5% gain seen. As well, China's planning commission said economic growth in 2016 was expected to be around 6.7 percent, within a target of 6.5-7 percent.
Overnight, gold prices gained as inflation concerns gained ground on expected tax cuts anf higher spending by President-elect Donald Trump and the Republican-controlled Congress.