MTECHTIPS:-Gold slightly weaker in Asia ahead of China GDP, retail sales

MTECHTIPS:-Gold slightly weaker in Asia ahead of China GDP, retail sales

Gold prices fell slightly in Asia on Tuesday with investors awaiting a slew of China data including GDP. Gold for February delivery on the Comex division of the New York Mercantile Exchange fell 0.06% to $1,088.50 a troy ounce. A big day in China with fourth quarter GDP seen up 1.7% quarter-on-quarter and 6.8%year-on-year. As well, the Middle Kingdom reports industrial production, expected up 6.0% and retail sales, seen up 11.3% for December as well as fixed asset investment seen up 10.2%. Also on the Comex, silver futures for March delivery dipped 0.14% to $13.900 a troy ounce, while copper prices fell 0.02% to $1.965 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.

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