Gold Holds Steady After Weak China Data

Gold prices held steady on Wednesday to consolidate around the key $1,500 level as weak data from China and Germany stoked fears of slowing global growth.

Easing in trade tensions and geopolitical risks boosted equities, keeping a lid on gold prices.

Spot gold held steady at $1,501.64 per ounce while U.S. gold futures were down 0.1 percent at $1,512.35 an ounce.

China’s industrial production and retail sales grew at weaker pace in July, suggesting a further loss of momentum in the world’s second-largest economy.

China’s industrial output growth eased to 4.8 percent in July from 6.3 percent in June. Output was forecast to expand 6 percent.

Likewise, growth in retail sales slowed to 7.6 percent from 9.8 percent a month ago. This was the weakest growth in three months.

Elsewhere, German GDP shrank 0.1 percent sequentially in the second quarter and Eurozone economic growth halved in the second quarter, as initially estimated, raising concerns about the state of the global economy.

The material has been provided by InstaForex Company –