Mixed economic data put gold down
Mixed economic data did not sit well with the safe-haven yellow metal as it traded lower on Friday’s trade in Asia.
Gold futures edged down 0.12% to $1,766.15.
Gross Domestic Product (GDP) in the United States improved 6.4% quarter-on-quarter in the first three months of 2021 to go along with 553,000 initial jobless claims filed in the last week. Investors also await significant developments on a $1.8 trillion stimulus plan proposed by U.S. President Joe Biden earlier in the week.
Meanwhile, in Asia, Japan’s industrial production jumped 2.2% month-on-month in March and the Tokyo core Consumer Price Index declined 0.2% year-on-year in April. China posted a slowing growth pace ahead of a weeklong holiday starting on Saturday. According to the data released earlier today, the country’s manufacturing Purchasing Managers Index (PMI) for April read 51.1 and the non-manufacturing PMI stood at 54.9. The Caixin manufacturing PMI for April hit 51.9 and the Caixin services PMI is due next week.
In other precious metals, silver dropped 0.6%. Palladium inched down 0.1% following a record high of $2,981.99 hit on Thursday. Platinum was the lone bright spot with a 0.5% gain.