By William L. Watts, MarketWatch
FRANKFURT (MarketWatch) — Gold futures traded near unchanged Friday in the wake of stronger-than-expected Chinese economic data, consolidating a day after hitting a one-month high.
Gold for February GCG3 -0.02% delivery slipped $1.20 to $1,689.80 an ounce in electronic trade on the Comex division of the New York Mercantile Exchange.
China’s economy grew 7.9% in the fourth quarter compared to a year earlier, topping economists’ forecasts and reinforcing expectations the world’s second-largest economy is set to pick up steam. See: China’s economy grows more than expected .
Gold settled at $1,690.80 an ounce on Thursday, its highest settlement since Dec. 17. The yellow metal was buoyed after the Federal Reserve Bank of Philadelphia’s regional manufacturing gauge disappointed, indicating some haven-related buying interest.
In other metals markets, March silver futures SIH3 0.00% were flat at $31.81 an ounce.
April platinum futures PLJ3 +0.26% retreated $4.40 to $1,696.10 an ounce, while March palladium PAH3 -0.08% lost 45 cents to $725.70 an ounce. Platinum settled above $1,700 an ounce for the first time since early October.
Strategists at Credit Suisse said technical momentum has turned positive for platinum and palladium.
“Within precious metals, platinum and palladium continue to show the strongest technical picture, and further upside is possible. While looking less attractive in relative comparison, gold and silver are also showing signs of a momentum bottom,” they said, in a research note.
William L. Watts is MarketWatch's European bureau chief, based in Frankfurt. Follow him on Twitter @wlwatts.
