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Gold Prices Up Amid Weak Economic Data, Trade Uncertainties

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Investing.com - Gold prices gained on Thursday in Asia following the release of weak economic data coming out from China, Japan and Australia. Sino-U.S. trade uncertainties also attracted some safe-haven demand.

U.S. Gold Futures traded 0.2% higher to $1,466.55 by 1:36 AM ET (05:36 GMT).

A set of worse-than-expected economic data were cited as providing support for the yellow metal.

In China, October’s industrial output, retail sales and fixed-asset investment all came in worse than forecast, while Japan’s Q3 GDP also grew less than expected.

Meanwhile, Australia’s unemployment rate unexpected rose more than expected in October.

On the Sino-U.S. trade front, tensions seemed to have escalated again as the Wall Street Journal reported that the trade talks have stalled over agriculture purchases.

The Journal cited sources and reported that China is unwilling to quantify its farm purchases, a commitment China made as part of a phase one trade agreement.

The news dented hopes that the phase one deal will be signed sooner rather than later, according to the article.

China is also resisting U.S. demands to make reforms on forced technology transfer, which the Trump administration has previously said would be addressed in future trade deals with Beijing.

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