Gold Prices Ease Despite Weak China Data

18.10.2019 11:14 (UTC +0)

Gold prices fell on Friday even as the downside remained limited after official data showed China's GDP growth dropped to its lowest level in nearly three decades.

Spot gold edged down 0.2 percent to $1,489.55 an ounce while U.S. gold futures were down 0.35 percent at $1,493.05.

Equity markets across Asia and Europe fell today after weak GDP data raised fresh worries over the health of the world's second-largest economy.

China's economy grew at the slowest rate in nearly three decades in the third quarter, raising pressure on policymakers to roll out more measures.

China's GDP grew 6 percent year-on-year in the third quarter after rising 6.2 percent in the second quarter, the National Bureau of Statistics said. This was the slowest growth since early 1990s. Growth was forecast to slow marginally to 6.1 percent.

Industrial production advanced 5.8 percent annually in September after rising 4.4 percent in August and 4.8 percent in July. Output was expected to climb 4.9 percent.

Annual growth in retail sales increased to 7.8 percent, in line with expectations. During January to September, fixed asset investment grew 5.4 percent, which was slightly slower than the forecast of 5.5 percent increase.

Meanwhile, doubts swirled both about the merits of Boris Johnson's Brexit deal and about the likelihood of the deal getting through the British parliament.

MPs have won a key parliamentary vote paving the way for a Commons bid to secure a second referendum on Saturday.

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