Gold price slips as dollar bounces back from US data hit

Singapore (Apr 15)  Gold edged lower on Wednesday as the dollar recovered from losses spurred by weaker-than-expected US retail sales data.

 Data showing China's economy grew 7 percent in the first quarter, the slowest in six years, suggested that physical demand from the world's No. 2 consumer would remain tepid this year.

 Spot gold was down 0.1 percent at $1,191.80 an ounce by 0301 GMT, after touching its lowest in two weeks at $1,183 on Tuesday.

Bullion fell as much as 1.2 percent overnight but pared losses at the close as the dollar retreated after data showed US retail sales rose 0.9 percent in March, just below market forecasts for a 1-percent increase. The dollar has since regained some lost ground.

 Source: EconomicTimes