MTECHTIPS:-Gold futures inch lower as global stocks rally on China stimulus hopes
MTECHTIPS:-Gold futures inch lower as global stocks rally on China stimulus hopes
Gold futures inched lower on Tuesday, as a recovery in global equity markets dampened demand for safe-haven assets. on Tuesday after and sparked hopes for more stimulus to support the world’s second largest economy. for February delivery on the Comex division of the New York Mercantile Exchange dipped $2.00, or 0.18%, to trade at $1,088.80 a troy ounce by 10:05GMT, or 5:05AM ET. Also on the Comex, for March delivery tacked on 19.9 cents, or 1.43%, to trade at $14.09 a troy ounce during morning hours in London. Elsewhere in metals trading, prices jumped to a more than one-week high in Europe trade , after China's quarterly economic growth met expectations, calming fears over a deeper than expected slowdown. Official data released earlier showed that China’s economy grew 6.8% in the fourth quarter from a year earlier, . That was in line with market expectations and down from growth of 6.9% in the previous three months. Full-year growth was 6.9%, the slowest pace of expansion in a quarter of a century but roughly in line with the government's growth target of around 7%. A separate report showed that rose by an annualized rate of 5.9% in December, below expectations for a 6.0% increase and following a gain of 6.2% in the preceding month.
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