MTECHTIPS:-Gold prices down in Asia as China retail sales, industrial output eyed
MTECHTIPS:-Gold prices down in Asia as China retail sales, industrial output eyed
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% , a tad lower than the 1.7% gain seen, while GDP came in at the expected 6.8% rate. As well, the Middle Kingdom reported rose 5.9%, a tad lower than the 6.0% seen and gained 11.1%, a bit lower than up 11.3% expected for December. Then rose 10%, a tad off the 10.2% gain seen. Also on the Comex, for March delivery rose 0.14% to $13.905 a troy ounce, while 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.
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