Investing.com - Gold prices dropped in Asia on Tuesday with investors eyeing slightly weaker than expected industrial production and retail sales in China even as GDP met forecasts.
Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.28% to $1,087.80 a troy ounce.
In China fourth quarter GDP rose 1.6% quarter-on-quarter, a tad lower than the 1.7% gain seen, while year-on-year GDP came in at the expected 6.8% rate.
As well, the Middle Kingdom reported industrial production rose 5.9%, a tad lower than the 6.0% seen and retail sales gained 11.1%, a bit lower than up 11.3% expected for December. Then fixed asset investment rose 10%, a tad off the 10.2% gain seen.
Also on the Comex, silver futures for March delivery rose 0.14% to $13.905 a troy ounce, while copper prices gained 0.28% to $1.968 a pound.
Copper is down nearly 8.5% in 2016 as investors slashed holdings of the red metal amid persistent worries over an economic slowdown in China. China is the world’s largest copper consumer, accounting for nearly 45% of world consumption.
Overnight, gold prices swung between small gains and losses on Monday, as trade volumes remained light with U.S. stock and bond markets closed for the Martin Luther King Jr. holiday.