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Gold Holds Near Four-month Low After Upbeat China Data

Gold prices held near four-month low on Wednesday as better-than-expected GDP data from China helped improve risk sentiment.

Spot gold was marginally lower at $1,276.44 per ounce, after having fallen as much as 1.2 per cent, its lowest level since December 27, in the previous session. U.S. gold futures were up 0.1 percent at $1,278.85 an ounce.

Official data released today showed that Chinese GDP grew an annual 6.4 percent in the first quarter of 2019, unchanged from the fourth quarter and beating forecasts for 6.3 percent.

Retail sales climbed 8.7 percent year-on-year in March - beating expectations for an increase of 8.4 percent and up from 8.2 percent in February.

Fixed asset investment rose 6.3 percent in the first quarter, in line with expectations and up from 6.1 percent in the previous quarter.

The data signaled that Beijing's efforts to target its stimulus might be paying off.

The precious metal has fallen by more than 5 percent since its February high of $1,346.73 an ounce amid signs of progress in U.S.-China trade talks and strong economic data from the U.S. and China.

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