Gold was in consolidation mode on Friday morning in London ahead of US data releases this afternoon.
– The spot gold price was last at $1,230/1,230.30 per ounce, up $2.20 on the previous close. Trade has ranged narrowly from $1,225.20 to $1,232.10 so far.
– Today’s US includes the Empire State manufacturing index, the capacity utilisation rate, industrial production, preliminary UoM consumer sentiment and preliminary UoM inflation expectations.
– China’s first-quarter GDP growth at 6.7 percent was slightly lower than October-December’s growth of 6.8 percent but within Beijing’s full-year growth target range of 6.5-7.0 percent. Other data from the country was also encouraging.
– “With China appearing to be turning a corner – data out recently has been stronger – and with oil prices stronger too, we feel that institutional investors may continue to buy into commodity baskets, which would no doubt include gold and other precious metals. So we remain generally friendly towards gold,” FastMarkets’ William Adams said.
– Silver was little changed at $16.21/16.26 per ounce. Platinum at $985/990 was up $2 and palladium climbed $4 to $560/565.
(Editing by Mark Shaw)
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Source: Bullion Desk News
