Gold prices edged lower on Monday, extending losses from the previous session, despite global stock markets reeling under selling pressure after data showed a much slower than expected expansion of China’s GDP growth in the third quarter.
The dollar’s retreat after early strength limited gold’s downside. The Dollar Index, which advanced to 94.17 in the Asian session, gave up gains and dropped to 93.87 later on in the day.
Gold futures for December ended lower by $2.60 or almost 0.2% at $1,765.70 an ounce.
Silver futures for December ended down by $0.085 at $23.264 an ounce, while Copper futures for December settled at $4.7255 per pound, down $0.0040 from the previous close.
Data from the National Bureau of Statistics showed China’s economy grew slower than expected in the third quarter, hurt by power shortages, supply bottlenecks, sporadic Covid-19 outbreaks and major wobbles in the property sector.
China’s GDP expanded 4.9% year-on-year in the third quarter of 2021, the data said, missing forecasts for 5.2% and down sharply from 7.9% in the second quarter.
The bureau also said that China’s industrial production gained an annual 3.1% in the month, missing forecasts for 4.5% and slowing from 5.1% om August.