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Gold Prices Fall Despite Weak Chinese Data; Still Trades Above $1,300 Level

CommoditiesMar 14, 2019 01:28AM ET
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Investing.com - Gold prices fell on Thursday in Asia even after China reported weaker-than-expected industrial output data.

Gold Futures for April delivery were down 0.5%, at $1,303.35 per ounce on the Comex division of the New York Mercantile Exchange by 1:11 AM ET (05:11 GMT). The precious metal remained above the key $1,300 level after hitting a near two-week peak of $1,309.60 on Wednesday.

China’s industrial output grew at the slowest pace in 17 years for the first two months in 2019. Factory output rose 5.3% year-on-year in January and February, the National Bureau of Statistics (NBS) reported on Thursday, the lowest since 2002.

The data sent Chinese stocks lower, but prices of the safe-haven gold were little impacted.

In the U.K., lawmakers will vote later today on whether to seek an extension to Article 50 after they rejected the idea of leaving the European Union (EU) without a Brexit deal.

The Article 50 is the provision of the EU treaty under which the U.K. is withdrawing from the bloc.

Elsewhere, U.S. data showed on Wednesday that producer prices barely edged higher in February, the latest sign inflation remains tame and affirming expectations the Federal Reserve would maintain a "patient" approach to future tightening.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.1% to 96.632.

Sino-U.S. trade talks also received some attention today after U.S. President Donald Trump offered to push back a summit with Chinese leader Xi Jinping until a final deal on trade is reached.

“We could do it either way,” Trump told reporters at the White House. “We can have the deal completed and come and sign or we can get the deal almost completed and negotiate some of the final points. I would prefer that. But it doesn’t matter that much.”

Gold Prices Fall Despite Weak Chinese Data; Still Trades Above $1,300 Level
 

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