Gold held steady on Friday, but remained on track to post its third straight weekly gain as investors grapple with a plethora of issues affecting global growth.
Spot gold rose marginally to $1,227.15 an ounce and was on track to post a 0.7 percent gain for the week. U.S. gold futures were virtually unchanged at $1,230.10 an ounce.
Data showed earlier in the day that China’s GDP climbed an annual 6.5 percent in the third quarter of 2018- shy of estimates for 6.6 percent and down from 6.7 percent in the previous three months.
The numbers reflect the effects of Beijing’s mounting debt as well as trade disputes with the United States.
Asian stock markets clawed back losses to end mixed today as Chinese shares rose sharply despite weaker-than-expected GDP figures.
The benchmark Shanghai Composite index jumped as much as 2.58 percent to end at 2,550.46 after regulators stepped in to bolster investor confidence.
European stocks fell in early trade after Italian government bond yields hit four-year highs on concerns over the country’s controversial budget plans.
The Italian government has until Monday to respond to the European Commission’s letter that the nation’s significantly higher deficit targets represented a deviation “unprecedented in the history” of EU budget rules.