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MTECHTIPS:-Gold prices weaker in Asia as China GDP slightly better than seen

MTECHTIPS:-Gold prices weaker in Asia as China GDP slightly better than seen

Gold prices fell in Asia on Monday after mixed economic data from China showed lower than expected industrial output, but higher than expected GDP gains. Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.68% at $1,175.10 a troy ounce. Also on the Comex, silver futures for December delivery dropped 0.96% to $15.960 a troy ounce and copper for December delivery eased 0.17 at $2.398 a pound. Copper prices have been under heavy selling pressure in recent weeks as fears of a China-led global economic slowdown spooked traders and rattled sentiment. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. In China, third quarter GDP rose 1.8%, a tad better than the 1.7% gain seen and at an annual pace of 6.9%, also beating the expected 6.8% rise expected. Fixed asset investment rose 10.3%, below the gain of 10.8% seen year-on-year in September and industrial output rose 5.7%, well below the expected 6.0% gain year-on-year in September, while retail sales rose 10.9%, above the 10.8% seen in the same period.

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