Gold descends in Asia on downbeat China industrial and retail figures
On Friday, gold held weaker during Asia trade as data out of China on industrial output as well as retail sales disappointed on demand expectations.
In New York, December delivery gold futures sagged 0.32%, hitting $1,345.65 per troy ounce. September delivery copper futures dropped 0.18%, trading at $2.183 per pound. Simultaneously, silver futures lost 0.06%, trading at $20.008 per troy ounce.
China, the world's number one copper importer and also second largest buyer of gold behind India, disclosed that its July’s fixed-asset investment for edited up 8.1%, below a tempo of 8.8% observed year-on-year. The country’s industrial production earned 6.0%, which is below an expected 6.1% year-on-year profit, while retail sales ticked up 10.2% under the expected 10.5% year-on-year surge observed.
Overnight, gold slumped on Thursday, amid a relatively steady greenback because cautious market participants waited for the publication of monthly retail as well as consumer data at week's end for greater clarity on the current strength of the American economy.