Gold edges higher on strong China data

Gold ticks higher on Friday after strong data from China, the nation with the greatest demand for Gold. Economists caution Chinese growth is “uneven”, however, and government stimulus is key. XAU/USD is in a short-term uptrend and may start climbing again after pulling back. Gold price is trading three-tenths of a percent higher on Friday, in the $2,380s, helped by positive data from China that brightened the prospects for the country with the world’s largest market for Gold.

Much of the country’s growth expectations depend on whether the government sticks to its spending plans, he adds. The government is also working on comprehensive solutions to the housing crisis. A plan for local governments and state-owned enterprises to buy unsold homes should help absorb inventory and prop up the ailing sector.

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