Gold sags in Asia on China dismal industrial and retail data

Gold sags in Asia on China dismal industrial and retail data

On Tuesday, gold headed south in Asia, with market sentiment mixed after weaker than anticipated retail sales as well as industrial output in China.

December delivery gold futures sank 0.13% in New York showing $1277.26 a troy ounce.

In China, fixed-asset investment managed to soar 7.3%, which is a bit weaker than the 7.4% leap observed in October on year. Additionally, industrial output ascended 6.2%, missing the 6.3% jump observed, retail sales added 10% versus a 10.4% revenue expected.

Overnight, gold rallied amid a jump in safe-haven demand because investor uncertainty over the outcome of tax reform kept unrolling, while a dip in sterling backed the greenback that capped revenues in the number one precious metal.

Safe-haven demand was also underpinned by reports that UK Prime Minister Theresa's Conservative party had decided to sign a letter of no-confidence in her because some members really doubted Mrs. May ability to lead Great Britain into a successful Brexit.

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