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Gold prices are lower Monday morning, as the dollar is showing some strength.

Disappointing economic data from China, the world’s second largest economy, is also weighing on the safe-haven commodity.

However, the yellow metal’s downside is just modest amid concerns about the spread of the delta variant of the coronavirus in several countries, and fading prospects of the Federal Reserve tightening its policy anytime soon.

The dollar index, which had slid to 92.48 in the Asian session, is up 0.1% at 92.61 in the European session.

Gold futures for December are down $3.80 or 0.21% at $1,774.40 an ounce.

Silver futures for September are lower by $0.329 or 1.4% at $23.450 an ounce.

China’s industrial production growth slowed to 6.4% in July from 8.3% a month ago, data from the National Bureau of Statistics revealed Monday. Output was expected to gain 7.8%.

Retail sales grew at a slower pace of 8.5% on a yearly basis, following a 12.1% rise in June. This was also weaker than the economists’ forecast of 11.5%.

Traders await the release of the minutes of the Federal Reserve’s July meeting for directional clues.


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