LIVE GOLD UPDATE ::
Gold prices nudged higher on Friday as Asian shares fell on renewed political and economic concerns including China’s weak growth, with the metal on track for a third straight weekly gain.
China’s economy grew 6.5 percent in the third quarter from a year earlier, its weakest pace since the global financial crisis, and missed expectations as a years-long campaign to tackle debt risks and the trade war with the United States began to bite. gold XAU= was up 0.2 percent at $1,227.41 per ounce as of 0441 GMT, and about 0.8 percent higher for the week.
U.S. gold futures GCcv1 were up 0.1 percent at $1,230.9 an ounce
“With Chinese equity markets continuing to drift lower, and lingering geopolitical risks such as Fed interest rate hikes, Italian budget concerns and the U.S.-China trade war, stock markets are still shaky and in no way have stabilised,” said Ronan Manly, a precious metals analyst at Singapore-based dealer BullionStar.
“This overall mix should be supportive of the gold price.”
Asian stocks slipped with MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS down 0.3 percent following China’s latest GDP reading. MKTS/GLOB
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