Gold prices edge up
On Friday, gold prices managed to regain some ground, having reached one-week lows in the previous trading session because of a stronger American dollar, as the issue of positive data, including Chinese economic growth boosted demand for gold.
In New York, June delivery gold futures grew 0.38%, trading at $1,231.10. The futures were likely to gain support at $1,224.60, the lowest value since April 7 as well as Thursday’s high $1,245.80, resistance.
Friday’s data revealed that Chinese GDP soared by 6.7%, following expectations. Another post disclosed that China’s industrial production increased by an annual rate of about 6.8% in March, thus surpassing expectations for a 5.9% revenue.
The upbeat data eased worries regarding slowdown in China, which is the world’s number one gold consumer.
However, the precious metal’s revenues were capped as the greenback kept hovering near two-and-a-half week peaks on Friday.
The US index, standing for the greenback’s actual strength against the major six currencies, fluctuated around 94.99, below Thursday’s high.