WASHINGTON (dpa-AFX) - Gold prices fell sharply on Monday as the U.S. dollar rose on safe-haven demand following a batch of disappointing data from China.
Spot gold fell 1.3 percent to $1,779.93 per ounce, while U.S. gold futures were down 1.1 percent at $1,795.35.
Recession worries are swirling again after data showed China's economy was struggling with COVID-19 restrictions.
China's industrial production and retail sales growth for July came in well below estimates, youth unemployment hit a record high in July, investment into real estate fell at a faster pace in July than June and investment into manufacturing slowed its pace of growth, suggesting that the post-lockdown recovery is losing steam.
As investors fret over a deepening property slump and continued coronavirus lockdowns, an unexpected cut in interest rates by China's central bank had little impact on sentiment.
The dollar was also supported by hawkish comments from Federal Reserve officials in response to early signs that U.S. inflation may have peaked.
Canada manufacturing and wholesale sales for June, as well as U.S. NAHB housing market index and New York Fed's empire manufacturing survey for August will be featured in the New York session.
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