Gold advanced for a third day as investors turned back to havens amid gloomy economic data out of Asia and trade-talk uncertainty.
China’s October factory output, retail sales and fixed-asset investment all missed estimates and Japanese data showed the economy slowed sharply in the third quarter.
In trade developments, China announced it will allow imports of qualified poultry from the U.S. starting Thursday. Earlier, Bloomberg reported that a U.S. demand that China detail how it plans to reach as much as $50 billion in agricultural imports annually has become a sticking point in negotiations on a phase one trade deal, according to people familiar with the matter.
Still, while gold prices are rallying amid haven demand, exchange traded funds backed by the metal continue to see outflows. ETF investors cut holdings for a sixth straight session Wednesday, the longest run of declines since April, according to data compiled by Bloomberg.
Spot gold gained 0.3% to $1,468.59/oz by 10:09am in London.
Source : Bloomberg